According to Forbes real-time billionaire ranking, Tesla CEO Elon Musk is no longer the world’s richest person, a title that now went to the French business magnate, investor, and art collector Bernard Arnault.
As of Tuesday, Arnault’s net worth clocked in at $186.6 billion compared to Musk’s $176.8 billion. His net worth, however, remains higher than the No. 3 on Forbes’s list, Indian industrialist Gautam Adani, by more than $40 billion.
With a net worth of $115.7 billion, the founder of Amazon Jeff Bezos clocked in at No. 4 on Forbes’s list.
Musk was surpassed on the list as Tesla shares fell sharply early this week while the stock price of the luxury goods company LVMH that Bernard Arnault and his family own simultaneously increased.
LVMH includes as subsidiaries many clothing and luxury brands such as Sephora, Birkenstock, and Tiffany & Co.
Tesla’s shares that Musk’s wealth is largely tied to fell 6.3% on Monday and an additional 4.1% on Tuesday, causing him to lose billions.
According to Forbes, Musk owns about a quarter of Tesla between stock and options, but also runs private space company SpaceX and the Boring Company, a company that aims to defeat traffic.
After the electric car company’s financial successes largely drove Musk’s rise to the top of the list, this year Tesla’s market cap has fallen by more than half with its share price experiencing significant drops in mid-September as Musk moved closer to purchasing social media platform Twitter.
Although he claimed that he did not purchase Twitter to make money but to create a digital town square, Musk’s takeover deal worth $44 billion involved in part loans collateralized by Tesla stock holdings.
After purchasing the social media company in late October, Musk has drawn the ire of liberals and many civil rights groups by laying off more than half of Twitter’s staff and ushering in new content moderation policies.