Elon Musk has been knocked off by luxury magnate Bernard Arnault from the second position in the world’s richest men rankings, reported by foreign media.

As per Forbes’ real-time billionaires list, Bernard Arnault, CEO of French luxury conglomerate LVMH Mot Hennessy – Louis Vuitton has eclipsed Musk in terms of wealth. Until Tuesday morning, Musk’s fortune was pegged at $174.6 billion while Arnault’s fortune clocked in at $176.3 billion.

However, according to Bloomberg’s billionaires list, Arnault sits at the fourth position with net worth of $146 billion while Musk still owns the second spot with $183 billion net worth. Amazon CEO Jeff Bezos sits atop both the rankings with a net worth of $197 billion.

Arnault, along with his family, controls 47% of the LVMH and the recent rise has appeared due to a very impressive and profitable first quarter for the company. The luxury giant recorded 14 billion euros ($16.9 billion) in revenue in the first 3 months which was 32% more than last year. LVMH owns over 70 brands which include Louis Vuitton, Christian Dior, Fendi, Mot & Chandon, Hennessy, Veuve Clicquot and many others.