Elon Musk Is Not The World's Richest Man Anymore & Here's Who Took His Place

Elon Musk has lost his title as the richest person on the planet, after seeing his net worth drop by $40 billion — or nearly the cost of his Twitter purchase — in less than a year.

Musk’s net worth stood at $176.8 billion at the end of the day on Tuesday, according to Forbes’ real-time billionaire net worth tracker. That's down from the $219-billion estimate that Forbes used for its annual billionaire list in early April.

Bloomberg News has a smaller estimate: $163.6 billion, or less than half of the $340 billion he was worth at his peak. The site estimates that Musk has lost $100 billion since the beginning of the year, so his $44-billion Twitter purchase is only part of the problem.

Musk's money troubles are in part due to some big problems at Tesla, which has seen its share prices cut in half on the stock market since he announced his Twitter bid in April, The Guardian reports.

But at least he can tweet all the sick memes he wants now, right?

With Musk now dethroned as the richest man in the world, you might think that Amazon boss Jeff Bezos caught up to him. But you'd be wrong.