Elon Musk dethroned as richest man in the world: report

Elon Musk has been dethroned as the world's richest man, according to a new report published by Bloomberg.

According to the news outlet, Musk, who previously had a net worth of approximately $340 billion, has been displaced by Louis Vuitton Moët Hennessy (LVMH) CEO Bernard Arnault.

Per Bloomberg's Billionaire Index, "Musk, 51, has seen his fortune tumble by more than $100 billion since January to $168.5 billion." The news outlet also added, "As of 10:20 a.m. in New York, that’s less than the $172.9 billion net worth of Arnault, 73, whose wealth largely derives from his 48% ownership of fashion giant LVMH."

The distinct drop follows a tumultuous financial year for the billionaire businessman. Last April, Musk turned heads when he offered to purchase Twitter for a whopping $44 billion.

Musk's offer served as an example of the influence wealthy individuals could have in the world. However, Musk's attempt to purchase Twitter came at a time when the Federal Reserve and large banks were "embarking on their most aggressive round of monetary tightening in a generation, slashing the valuations of high-flying companies."

Musk’s Tesla Inc. was one of those companies impacted by the shift. As a result, the company has seen its stock drop by nearly 50% over the last year.

Although the electric car maker attempted to back out of the Twitter deal after making the brazen offer, he was unable to do so.

"Musk tried for months to get out of the Twitter deal, but failed. He offloaded more than $15 billion in Tesla shares — about $8.5 billion in April, then another $6.9 billion in August — to raise enough cash to fund the purchase," the news outlet reports.

By the time Musk's Twitter purchased was finalized, the Bloomberg index deducted a staggering $10 billion from his net worth.