Bernard Arnault, chairman and CEO of global luxury goods company LVMH, became the world’s richest man overtaking Elon Musk who lost over $18 billion in his net worth, Gulf News reported on Monday.

The dip in Musk’s net worth came after Tesla stock nosedived last week, shedding $73 billion off the company’s market value.

Forbes’ real-time billionaire list shows that Arnault and his family’s net worth grew by $23.6 billion to $207.8 billion surpassing Musk’s $204.5 billion.

LVMH shares were up over 13% on their last close on January 26. Meanwhile, the market cap of LVMH reached $388.8 billion as against Tesla’s $586.14 billion market cap.

Read: World’s top 10 richest people in 2023

The 74-year-old Arnault has in the past topped the list as he Musk in December 2022.

In December last year, Tesla and SpaceX CEO was crowned the world’s richest man, recapturing the title from France’s Arnault.

The two have a combined net worth of around $426 billion in June last year when Musk and Arnault met for a lunch in Paris. They met at Cheval Blanc, a luxury hotel chain owned by Arnault’s LVMH.

Electric vehicle maker Tesla’s shares dipped more than 11% last Friday as the company lost $73 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals.

Tesla said its sales growth this year “may be notably lower” than last as it continued developing the “next-generation” vehicle, likely a lower-priced model.