Elon Musk is no longer the richest person in the world and the amount he lost this year is enough to get him 4th on the list

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

Tesla and Twitter CEO Musk on Monday saw his net worth surpass that of French billionaire Bernard Arnault, according to data from Forbes.

Arnault is the chairman and chief executive officer of luxury goods maker LVMH and has a net worth of $187.1 billion. Forbes’The real-time list of billionaires was shown on Tuesday morning.

Musk, meanwhile, lost $7.4 billion on Monday, about 4% of his total net worth, according to the rankings, which Forbes he says puts his fortune at $181.3 billion.

Musk’s wealth is largely tied to Tesla stock, which lost about 6.3% of its value by 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 sits in fourth place in Forbesranking it.

The $7.4 billion hit on his net worth on Monday is the wealth equivalent of the 299th place Forbeson the Arizona Beverages Billionaires list, a spot currently occupied by Arizona Beverages co-founder Don Vultaggio.

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

However, investors took a tentative approach to Tesla in the wake of Musk’s $44 billion takeover of social media platform Twitter, which resulted in a volatile few months for the electric car maker’s shares.

Tesla shares are now valued at 60% less than at the start of the year. Tesla was trading at 30 times its expected earnings on Tuesday morning, its lowest ever, with analysts telling Bloomberg the price could fall even further.

Indian businessman Gautam Adani became the third richest person in the world earlier this year, with Forbes’The top five was completed by Warren Buffett, CEO of Bezos and Berkshire Hathaway.

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

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

This story was originally published on Fortune.com

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