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Elon Musk has been dethroned from the top spot of Forbes' annual billionaire list following his decision to purchase Twitter for $44billion.

He had earned the number one spot on Forbes World Billionaires list last year, when he had an estimated net worth of $216billion, overthrowing Amazon founder Jeff Bezos.

But Musk, 51, is now just the second richest billionaire in the world, falling to Bernard Arnault, the chairman of French luxury goods giant LVMH — which owns brands like Louis Vuitton, Christian Dior and Tiffany & Co.