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MONEYWATCH Elon Musk's wealth has dropped more this year than the GDP of many countries

 Elon Musk is many things, but as of this week, he is no longer the world's wealthiest person. That status now belongs to France's Bernard Arnault, chairman and CEO of luxury goods maker LVMH, according to Forbes and Bloomberg News.

It is the first time the Tesla and SpaceX owner has slipped from atop the rankings since he overtook Amazon founder Jeff Bezos as the richest person in September of 2021.

During a tumultuous year, Musk's wealth has dropped by over $100 billion, more than the GDP of Bulgaria, Croatia, Iceland and Uruguay, according to World Bank data. 

The 51-year-old Musk's wealth is largely tied to the price of Tesla stock, which has lost more than half its value since January, with the slide only steepening after Musk's $44 billion purchase of Twitter.

Arnault's net worth now stands at $190.9 billion, while Musk is worth $174 billion, according to Forbes, which had Musk ceding the top spot on its rankings late Monday. Arnault, 73, owns 48% of LVMH, the owner of brands like Louis Vuitton and Tiffany. 

The Bloomberg Billionaires Index estimates Arnault's fortune at $171 billion and Musk's at $164 billion — a $107 billion loss on the year.

Since completing the acquisition of the social media platform in October, Musk's chaotic reign has included an exodus of advertisers from the social network amid concerns about a surge of misinformation and hate speech.

Elon Musk's wealth has dropped more this year than the GDP of many countries - CBS News

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