That's according to a report by Insider Intelligence.

It's just the latest setback for one of the world's wealthiest man, Elon Musk, as he attempts to manage the issues and financial losses at his companies.

Vlad has more on this.

Alright, so let's break this down for everybody.

Elon Musk lost his title as the world's richest man.

You could see here. He was among the stars, Bernard Arnault and Gautam Adani, right?

Elon Musk with $164 billion, but after all the turmoil at his companies, that made a dramatic dent in his wealth.

Look at this. Year-to-date loss, big number. $107 billion this year, the most of anyone tracked by the Bloomberg Billionaire Index.

Just a year ago, his fortune hit a peak at $340 billion.

So, let's break down what happened.

Of course, there is his purchase of Twitter for $46 billion, which includes $44 billion sale and $2 billion in closing costs.

He put up $33 billion himself.

Must borrowed the rest from a variety of banks and those loans also include an estimated annual $1.2 billion interest bill.

And thanks to all the chaos so far, his ownership Twitter is rapidly losing its main source of income, advertisers.

That means, Elon Musk is likely going to be on the hook to keep the social media site afloat.

How's he gonna do that?

Because that brings us to this company that funds a large part of his wealth.

That is of course Tesla.

This year, he sold more than $19 billion worth of Tesla shares to pay for Twitter among other things.

But his remaining stocks have also depreciated in value.

Tesla stocks are down about 50% compared to a year ago.

That share price drop can be partially attributed to Tesla's own controversies with multiple recalls, the federal safety investigation and continuously missing product deadlines.

And then, of course, there is his cosmic ventures with SpaceX.

The company has had some successful launches this year, and it's currently valued at $125 billion dollars.

But a large percentage of that is Mr. Musk's own ownership of the company, so it has been a much needed financial and PR boost for him.

But that does not mean it's all been smooth flying. Flying rather.

The company is now being investigated by the National Labor Relations Board for unfair labor practices.

That leaves his two small companies, Neuralink, the medical device company which is reportedly also under investigation for animal abuse,

and The Boring Company, which promised to bring traffic solutions but so far, has not delivered to any of its clients. Emery.

I would say poor Elon, but he's still not really that poor. - No, I would not shed any tears if I were you.

Thank you, Vlad.