Billionaire Bernard Arnault has surpassed Tesla CEO Elon Musk, claiming the title of the world’s richest person. As the CEO of the global luxury goods company LVMH, Arnault, along with his family, saw their net worth climb to $207.8 billion after a significant increase of $23.6 billion on Friday, overtaking Musk’s $204.5 billion, according to the real-time billionaires list from Forbes.

This shift in rankings occurred following a setback for Tesla in the stock market on January 25, with a 13% drop that resulted in Musk losing over $18 billion in net worth, as reported by Forbes.

In contrast, LVMH shares experienced a notable increase of over 13% on January 26, particularly around 11 am, coinciding with the announcement of robust sales figures.

By the end of Friday, LVMH’s market capitalization had reached $388.8 billion, while Tesla’s market cap stood at $586.14 billion, according to Forbes data.