American billionaire Elon Musk has again lost the top spot in Forbes magazine’s annual list of richest people.

LVMH chairman Bernard Arnault took his place as the richest man of the world.

The owner of Tesla and Twitter is now the second richest person. His net worth is estimated at $18 billion, which is $39 billion less than the previous year.

Musk’s lost seat is now held by Bernard Arnault, chairman of French luxury goods giant LVMH. His total wealth increased by five billion dollars to 21 thousand billion dollars in the last year. Forbes published this list annually on Tuesday.