Elon Musk is no longer the world's wealthiest person, losing that title to French luxury brand company LVMH's CEO Bernard Arnault.
According to Forbes and Bloomberg, Musk's net worth now sits at $181.3 billion after Tesla shares fell around 6.3% by Monday's closing bell.
Forbes, which released its list of “Real-Time Billionaires" on Tuesday, showed Arnault's estimated net worth at $186.2 billion.
Musk, whose wealth is mostly tied to the electric car company, saw his net worth fall after Tesla lost more than half its value this year. According to Forbes, his net worth also plummeted after the 51-year-old acquired Twitter for $44 billion.
Arnault saw a rise in his net worth due to LVMH’s stock dipping by just 1.5% this year, CNBC reported.
According to the FactSet data, Musk's reported stake in Tesla is about 14%, CNBC reported. According to SEC filings, Arnault's reported stake in LMVH is a bit over 60%, CNBC reported.
At the beginning of 2022, Forbes valued Musk’s net worth at $304.2 billion, the outlets reported.