Elon Musk’s wealth plunged by $20.3 billion on Thursday following the worst slump Tesla shares have seen since April 20th, triggered by fears of a drop in the automaker’s profits, according to a report in Bloomberg.

Tesla shares lost 9.7%, falling to $262.90 per share during trading hours on Thursday. The fall came after Musk, the CEO of the company, commented that Tesla would need to continue cutting prices if interest rates were to continue to be raised by the Federal Reserve.

According to data from the Bloomberg Billionaire’s Index, Musk’s net worth fell to $234.4 billion. It was the seventh-largest loss of wealth ever among the world’s richest people, according to the outlet.

The loss of wealth has once again narrowed the gap in the wealth between the world’s two richest people, Elon Musk and Bernard Arnault, the CEO of LVMH, a luxury goods maker.

However even after the massive loss of wealth, Musk is still roughly $33 billion richer than Arnault.

Muck took the title of the richest person in the world from Arnault in June, after shares of the Paris-based LVMH fell 2.6%. The luxury good manufacturer and the Tesla CEO have been competing neck and neck for the title in the Bloomberg Billionaire’s Index ever since.

Musk’s seizure  of the title was fueled by the surge in the value of Tesla, which rose roughly $118 billion to over $250 billion this year through Wednesday following a 136% surge in the price of Tesla shares year to date.

Musk’s net worth is tied closely to the performance of of Tesla’s stock because he owns roughly 13% of all outstanding shares. His wealth is also tied to the value of his satellite launch and space exploration firm SpaceX, as well as his new acquisition, the micro-blogging platform Twitter.

Arnault, meanwhile, saw his net worth rise $39 billion, to $201.2 billion this year, following a 26% surge in the value of LVMH, the parent company of Louis Vuitton, Moët & Chandon and Hennessy as well as brands including Givenchy, Christian Dior, Bulgari and Sephora.