Elon Musk is no longer the world’s richest person after Tesla shares fell to start the week.
According to Forbes, Tesla shares closed Monday down 6%, shaving $7.4 billion off Musk’s worth.
Musk, the Tesla CEO, reportedly ended the day worth an estimated $181.3 billion and $4.9 billion less than Bernard Arnault in losing the top money spot.
Arnault, France’s LVMH CEO, ended the day worth an estimated $186.2 billion with the No. 1 ranking.
CNBC reports Musk’s wealth is mostly tied to Tesla stock which was propelled by a meteoric rise in the carmaker’s share price that rocketed more than 1,000% in two years.
Musk also recently acquired Twitter for a reported $44 billion price tag.
Forbes’ Real-Time Billionaires list on Tuesday showed Arnault’s estimated net worth rose to $188.6 billion as the world’s wealthiest person.
Musk was ranked in the No. 2 spot with a net worth of $176.8 billion, according to the list on Tuesday, with Forbes reporting a loss of $4.5 billion.