Elon Musk, 51, is no longer the richest man in the world after Tesla shares plummeted causing his fortune to drop to $178.2 billion after he was once worth $340 billion, according to Forbes.

This made the French billionaire Bernard Arnault, 73, rise to the top of the list of world’s richest people by having a net worth of $190.2 billion.

Arnault is the Chairman and CEO of the LVMH empire which has around 70 fashion and cosmetics brands, including Louis Vuitton and Sephora.

Musk’s wealth, however, is largely connected to Tesla’s shares which shed around 6.3% of their value by the closing bell on Monday.

The third-richest person is the Indian billionaire Gautam Adani and is followed by Jeff Bezos and then Berkshire Hathaway CEO Warren Buffett.