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Elon Musk is no longer the richest person in the world after his net worth plummeted over the last year.
Musk has lost the title to Bernard Arnault, the billionaire boss of luxury brand LVMH which owns companies like Louis Vuitton.
Musk's net worth has fallen to $180billion (£144bn) in the last year while Mr Arnault's fortune has ballooned up to $211bn in wealth (£169bn).
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That's according to the annual Forbes 'World's Billionaires List', which was just released this week and catalogues the wealth of the world's most honest, hardworking, and totally normal people.
It seems that the biggest reason for Musk's change in fortune stems from his decision to buy Twitter last year.
Forbes said: "Musk has mostly tweeted himself out of the top spot on the rank", referring to the plummet in value of Twitter and Tesla shares since Musk took over the now-troubled social media firm.
Musk has himself admitted that his buyout of Twitter hasn't gone that well for him. In March, he valued the company at $20bn in an email to employees.
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That's less than half of the $44bn he paid for the social media company last year.
Musk's buyout of Twitter has also damaged his credibility among some Tesla investors, and with most of his wealth wrapped up in Tesla stock, it's easy to see why his net worth has dropped.
That's before Musk even faces a $258bn racketeering lawsuit which has seen him accused of 'manipulating' the price of the cryptocurrency Dogecoin—claims his lawyers have dismissed as a 'fanciful work of fiction'.
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