There is a new leader on the list of the wealthiest people on the planet. Inventor Elon Musk has lost his crown, giving way to legendary fashion designer Bernard Arnault.

Elon Musk, the founder of SpaceX, Tesla, and The Boring Company, the new owner and CEO of Twitter, the co-founder of Neuralink and OpenAI, once again lost the title of the world’s richest person. The futurist and ambitious inventor was replaced by Bernard Arnault, the founder of French luxury conglomerate LVMH Moët Hennessy - Louis Vuitton. According to the Real-Time Billionaires list, Musk moved to the second line of the ranking, with a net worth estimated at $176.8 billion. Meanwhile, the French tycoon with $188.6 billion in his accounts grabbed the top spot. Interestingly, this is not the first time that the Twitter and Tesla CEO has fallen from atop the ranking. In early December, Bernard Arnault briefly overtook Elon Musk to become the world's richest person according to Forbes.

The American entrepreneur slipped to the second spot on the list a few times in an hour but later regained the lead. Those shifts were due to a dramatic collapse in Tesla’s share price. On December 7, its stock was down by more than 3%.