On Wednesday, Forbes reported that Elon Musk has lost his title of the richest man in the world. The outlet attributed the fall to the steep decline in Tesla’s stock price, as well as the billionaire’s $44 billion purchase of the social media outlet Twitter.

Bernard Arnault, the CEO of luxury brand Louis Vuitton’s parent company LVMH leapt over Musk to take the first spot. Musk, who has been the richest man in the world since September of 2021, now has a net worth of $185.3 billion, while Arnault’s net worth came in at $185.4 billion, according to the report. Musk has inherited the title from Amazon founder Jeff Bezos in September of 2021, as Tesla’s stock price climbed.

Tesla’s stock losses began to accumulate last month, as shareholders publicly worried Musk might not be up to the task of running Tesla as he was focused on trying to reorganize Twitter’s staff and operations.

In addition the company has faced lawsuits over alleged workplace discrimination, as well as a pending NHTSA investigation of its autopilot feature. It was also hit by the supply chain disruptions of the pandemic which left some idled factories operating as “money furnaces” according to the CEO.

As Tesla’s share price fell, Musk’s net worth dropped below $200 million last month, and since then it has continued its decline.