Elon Musk is no longer the world’s richest person – and the amount he lost this year is enough to take 4th place on the list

Elon Musk is no longer the richest person in the world, thanks to the plummeting price of Tesla shares, which dragged the serial entrepreneur into second place.

Musk, CEO of Tesla and Twitter, saw his net worth Monday overtaken by that of French billionaire Bernard Arnault, data from Forbes.

Arnault is the chairman and CEO of luxury goods manufacturer LVMH and has a net worth of $187.1 billion, Forbes’s Real-Time Billionaires List came out Tuesday morning.

Meanwhile, Musk lost $7.4 billion on Monday — about 4% of his total net worth, according to the ranking, which Forbes says estimates his fortune at $181.3 billion.

Musk’s wealth is largely tied to Tesla shares, which lost about 6.3% of their value at the closing bell on Monday. At the beginning of the year, Forbes estimated Musk’s net worth at $304.2 billion, meaning his fortune has plummeted by an amount that exceeds the wealth of Amazon founder Jeff Bezos, who ranks fourth Forbes‘s ranking.

The $7.4 billion earned on his net worth on Monday is the equivalent of 299th place Forbes‘s Billionaires List, a place currently held by Arizona Beverages co-founder Don Vultaggio.

Musk was propelled to the top Forbes’s global wealth ranking thanks to Tesla shares gaining more than 4,000% in the decade following the company’s IPO, while its other companies, such as SpaceX, gained traction and secured investment. In 2013, according to him, his net worth was $2.7 billion Forbes.

However, investors have taken a cautious approach to Tesla in the wake of Musk’s $44 billion acquisition of the social media platform Twitter, which resulted in a few volatile months for the electric car maker’s stock.

Tesla shares are now valued 60% lower than at the beginning of the year. On Tuesday morning, Tesla was trading at 30 times its expected earnings — its lowest ever — and analysts told Bloomberg the price could fall even lower.

Indian businessman Gautam Adani became the third richest person in the world earlier this year Forbes’s top five rounded out by Bezos and Berkshire Hathaway CEO Warren Buffett.

Bloomberg’s Billionaires Index, which uses slightly different methods to track the wealth of the world’s richest people, still has Musk in first place, with Arnault following incredibly closely. The LVMH chief’s net worth is just $1 billion lower than Musk’s in the Bloomberg rankings.

According to figures from Bloomberg, Musk’s fortune has shrunk by $103 billion so far this year. That nearly equals the wealth of Oracle founder Larry Ellison, who has a net worth of $103.9 billion and is currently the seventh richest person in the world according to Forbes.

This story was originally on Fortune.com

More from Fortune: Rishi Sunak’s longtime hedge fund boss paid himself $1.9 million a day this year. Meet the 29-year-old teacher with four degrees who wants to join the Great Dismissal. Kanye West after deeming the rapper’s swastika tweet ‘incitement to violence’

Leave a Reply

Your email address will not be published. Required fields are marked *