Elon Musk is no longer the world’s richest person, according to the Bloomberg Billionaires Index.

According to the rankings, which are updated daily, Amazon founder Jeff Bezos has surpassed Musk, the CEO of SpaceX and Tesla and owner of X, formerly Twitter, for the top spot.

Bezos is worth $200.3 billion, and Musk is worth $197.7 billion, according to the index.

Musk lost his No. 1 ranking after shares of Tesla fell 7.2% Monday after preliminary data showed shipments from the electric vehicle manufacturer’s Shanghai factory hitting their lowest level in more than a year.

Tesla’s stock has fallen about 50% from its 2021 peak and is down about 24% this year.

Musk’s estimated net worth has sunk by $31.3 billion since the start of the year, according to Bloomberg’s estimates. 

In another blow to Musk’s wealth, in January, a Delaware judge tossed out his record-breaking $56 billion pay package with Tesla in 2018, calling it “an unfathomable sum” that was unfair to shareholders.

Meanwhile, Bezos’ net worth has increased $23.4 billion so far 2024, as shares of Amazon have doubled since late 2022. 

Bezos stepped down as Amazon’s CEO in 2021 but continues to serve as the e-commerce giant’s executive chairman. The vast majority of his fortune comes from his 9% stake in Amazon, according to Bloomberg.

Bezos also owns Blue Origin, an aerospace manufacturer and spaceflight company, and The Washington Post.

He held the distinction of being the world’s richest person from 2017 until 2021, when he and Musk began jockeying for the top spot, according to Bloomberg’s rankings.

Bernard Arnault, chairman of the LVMH conglomerate that owns Louis Vuitton, Moët Hennessy, Tiffany & Co. and several other luxury goods brands, is third in the rankings at $197.5 billion. He’s followed by Meta CEO Mark Zuckerberg ($179 billion) and Microsoft co-founder Bill Gates ($150 billion).