Elon Musk lost the title of world’s richest person on Wednesday, according to Forbes’ billionaire rankings. The Tesla CEO lost $3.4 billion of his net worth overnight as the electric car company’s stock plummetted. So far this year, Musk has lost more than $100 billion to the carmaker’s tanking stock, though previous losses didn’t affect his title as the wealthiest billionaire. Instead, the man taking the crown in Forbes’ real-time index on Wednesday was Bernard Arnault and his family, the French CEO of luxury goods conglomerate LVMH. The company—formed through the massive merger of Louis Vuitton, champagne producer Moët & Chandon and cognac distiller Hennessy— owns more than 60 subsidiaries, including Sephora, Christian Dior, Fendi and Tiffany & Co.