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Elon Musk can take the back seat for now because he has officially been deposed from the top of Forbes’ annual “World’s Billionaire’s List”. He is now the second-richest billionaire.

While Musk stands second to Bernard Arnault, the chairman of French luxury goods giant LVMH because his net worth increased more than $50 billion

Forbes stated that Musk’s wealth sank because Tesla’s stock fell sharply after the purchase of Twitter which had cost him a whopping$44 billion.

However, Tesla gained much of those losses back this year but is still significantly lower than before Musk bought Twitter according to analysts on CNN.

Forbes added that “Elon Musk has mostly tweeted himself out of the top spot on the ranks” because Tesla shares are down 50% since his Twitter takeover a year ago. The magazine noted that SpaceX is a bright spot for Musk since its valuation has increased from $13 billion to $140 billion

Amazon founder Jeff Bezos lost the most amount of money of any billionaire on the list ($57 billion), knocking him down from the second position to third. The loss can be attributed to Amazon shares losing nearly 40% of their value last year

Forbes said Arnault the Frenchman had a “banner year” in 2022 because of record-high profits at the luxury conglomerate, which comprises Louis Vuitton, Christian Dior and Tiffany & Co. Shares of LVMH have climbed 25% over the past year and the patriarch has recently unveiled succession plans to his children.

Forbes on Tuesday said that the total number of billionaires on this year’s list fell to 2,640 (down from 2,668), marking the second-straight year of decline.