Tesla Inc TSLA and Twitter chairman Elon Musk is no longer the richest man in the world, although he is still worth more than several billionaires combined.

What happened: With Tesla stock falling in 2022, Musk is no longer the richest person in the world. Musk was recently relegated to second place by LVMH LVMUY chairman Bernard Arnault.

Musk is now worth $161 billion as of this writing, down $110 billion for the year.

The loss of his net worth comes as Tesla shares are down 62% year-to-date. The stock, along with holdings in Twitter, SpaceX, and other companies, makes up a large portion of Musk’s net worth.

A look at the Bloomberg billionaires index shows Musk is still worth more than $161 billion Amazon.com Inc AMZN founder jeff bezos ($112 billion) and Metaplatforms Inc META co-founder Mark Zuckerberg ($44.2 billion) combined.

One reason is that Zuckerberg and Bezos experienced similar falls in the stocks of the companies they founded.

Meta Platform shares are down 64% year-to-date, and Zuckerberg is posting one of its biggest falls for the year, down $81.3 billion.

Amazon shares are down 48% and Bezos has seen his wealth fall by $80.7 billion in 2022.

Related link: Elon Musk Takes Over Twitter: Who’s in Charge, Who’s Gone, and What’s Happening to the Stock?

Why it matters: In 2021, Musk’s fortunes have skyrocketed, with the Tesla CEO being worth $287 billion as of October 2021. Gasoline then shared Musk was worth more than the ratings of all MLB, NBA, NFL and NHL teams combined.

Musk was also more than worth it Bill Gates and Warren Buffett combined by the end of 2021. Now, Musk is worth $47 billion more than Gates and $56 billion more than Buffett.

Though Musk is no longer the richest person in the world, he remains incredibly wealthy.

Only one person in the top ten of the Bloomberg Billionaires Index increased their wealth in 2022. That was an Indian industrialist Gautam Adaniwhose net worth has increased by $47 billion…