Elon Musk is taking a backseat to the newly-crowned wealthiest person in the world: Bernard Arnault.
Bernard, who serves as the chief executive of LVMH Moët Hennessy–Louis Vuitton SE (the world's largest luxury goods company), has now been placed in the top spot, with his wealth now estimated at $170.6 billion, according to the Bloomberg Billionaire Index.
As for Elon, The Wall Street Journal, citing Bloomberg's findings, noted that a "prolonged slump in Tesla's stock has wiped out more than $100 billion" of the CEO's net worth this year, which is currently valued at $163.1 billion.
The shake up in the list of billionaire rankings, published by the company on Dec. 13, comes a little more than a year after Elon picked up the hefty title late last year.
In September 2021, the Space X founder surpassed former Amazon CEO Jeff Bezos as the richest man in the world (a title Jeff earned that July), after he became the third person ever to have a fortune worth $200 billion, Forbes noted at the time.
Shortly after his achievement, Elon told the publication that he was celebrating by "sending a giant statue of the digit ‘2' to Jeffrey B., along with a silver medal." (And if you're wondering, the recent Bloomberg Index has Jeff currently listed as the fifth-richest person in the world).
The recent financial findings also comes a little less than two months after Elon officially purchased Twitter for $44 billion in October.
Earlier this year, he announced his intent to buy the social media platform, stating that the "company will neither thrive nor serve this societal imperative in its current form," adding that the app "needs to be transformed as a private company," though he initially attempted to back out of the deal in July.
After the company pursued legal action, Elon reversed course and three months later, his takeover became permanent.