Tesla CEO Elon Musk has been dethroned as the world’s richest person, according to Forbes.

After holding the top spot for several months, Musk has now been surpassed by the CEO of luxury goods company LVMH, Bernard Arnault, whose net worth currently stands at $186.3 billion,

while Musk’s net worth is at $183.4 billion. The shift in rankings is due to a decline in Tesla’s share price and a rise in LVMH’s shares.

Jeff Bezos, the CEO of Amazon, holds the third position on the list of the world’s wealthiest individuals.

However, the he French luxury goods tycoon ranked top on the World’s Billionaires list for the first time on the back of a banner year at LVMH, which owns Louis Vuitton, Christian Dior and Tiffany & Co., among others.

Arnault’s wealth has reached new heights, as revenue, profit, and LVMH shares have all hit record levels, resulting in a $53 billion increase in his fortune over the past year, the largest gain of any billionaire. With his newfound wealth, Arnault is now focusing on succession planning.

In July, he suggested a restructuring of his holding company, Agache, which holds most of his LVMH shares, to grant equal ownership to his five children.

Elon Musk is the founder, CEO and chief engineer of SpaceX; angel investor, CEO and product architect of Tesla, Inc.; owner and CEO of Twitter, Inc.; founder of the Boring Company; co-founder of Neuralink and OpenAI; and president of the philanthropic Musk Foundation.