Musk’s loss of the coveted title was announced in the Bloomberg Billionaires Index, which tracks the wealth of the top 500 richest people on Earth. Musk has lost a whopping $107 billion in the past year, cutting his wealth down to $164 billion. Arnault lost $7.19 billion over the same time period, putting his net worth at $171 billion.
Musk was shot to the top spot in 2021, mostly due to the skyrocketing value of Tesla stock, the Wall Street Journal reported. In the past year, however, the electric car company’s stock has cratered amid fears over demand. His wealth peaked in November 2021 at $336 billion, compared to just $28 billion in January 2020.
Arnault built his wealth in luxury design, something that has consistently put him in the upper echelons of billionaires but never at the very top until now.
Other U.S. entrepreneurs took hits as well — Jeff Bezos, from whom Musk claimed the top spot in 2021, is now the fourth richest person at $116 billion, overtaken by Indian industrial magnate Gautam Adani, who has a net worth of $125 billion. Bill Gates is right behind Bezos at about the same amount.
Musk’s net worth fluctuates rapidly because much of it is tied to Tesla’s stock. He lost $4.7 billion in the past 24 hours alone, according to Forbes’s billionaires list.