The boss of the luxury goods group whose brands include Glenmorangie whisky has been named as the world's richest person.
Bernard Arnault, of LVMH, has taken the top spot from Elon Musk.
Mr Arnault was worth £139.7billion yesterday, against Mr Musk's net wealth of £136billion.
Mr Arnault is chairman and CEO of LVMH = the world's leading luxury products business.
LVMH controls around 60 subsidiaries which each manage a small number of prestigious brands - 75 in total.
These include Christian Dior, Givenchy, TAG Heuer and Tiffany & Co.
Born to an industrial family in France in 1949, Mr Arnault began his professional career as an engineer with the Ferret-Savinel construction company and was promoted to various executive management positions before becoming its chairman in 1978.
Majority shareholder of LVMH
His career path saw him become the majority shareholder of LVMH in 1989.
Mr Musk's fall from the No1 position on the rich list came after spooked investors dumped Tesla stock over the mercurial billionaire's fixation on Twitter.
He spent £35billion on acquiring the social-network platform, which he took private in October after spending most of 2022 trying to back out of the deal.
In July, he attempted to pull out of the transaction, citing concerns over the number of fake accounts.
Eventually Twitter executives took legal action to hold Mr Musk to his offer.
Investors fear that the SpaceX founder's preoccupation with Twitter has taken his focus away from Tesla and his other businesses, driving down the value of their holdings.
The meteoric rise and fall of the Tesla share price during the Covid-19 pandemic tracked the broader tech markets and saw its valuation briefly break the $1trillion (£800billion) mark late last year.
Twitter 'circus'
Dan Ives, from investment firm Wedbush Securities, said yesterday that the "circus" surrounding the Twitter deal had weighed on Tesla's share price.
"Musk has gone from a superhero to Tesla's stock, to a villain," he told the BBC.
"The Twitter circus show has hurt the Musk brand and it's a major overhang on Tesla's stock. Musk is Tesla and Tesla is Musk."
The Telegraph says that, since Mr Musk completed the Twitter buyout, Tesla's stock has dropped 25% in price.
It makes up a substantial amount of Mr Musk's wealth, as he owns around 14% of the electric-vehicle business.
In November, it was revealed that the Tesla boss had sold £3billion of shares in the company to help finance the Twitter acquisition.
Investors have been concerned that demand for his firm's electric cars may slow, as the economy weakens, higher borrowing costs discourage buyers and other companies boost their electric-vehicle offerings.
Tesla has also been hit by recalls, as well as government probes of crashes and its autopilot feature.