Elon Musk’s net worth has decreased by almost $30 billion, more than any other billionaire in the world this year, according to Forbes magazine rankings published on Thursday.

described this as “a rare loss in what was otherwise a great stretch for the megarich as the stock market boomed” and the net worth of the world’s ten wealthiest people grew to $1.66 trillion. 

invalidating his Tesla compensation package on behalf of an activist investor. The bonus was valued at $51 billion at the time. Forbes has discounted the value of those stock options by 50% even if Musk somehow manages to get them, citing likely litigation.

Musk still has a $14.4 billion stake in the generative artificial intelligence startup xAI, a $7 billion stake in X (formerly Twitter), which he acquired in 2022, and an estimated $75 billion stake in his private aerospace company SpaceX, among other enterprises.

briefly dethroned as the world’s richest man by Amazon founder Jeff Bezos, who has since slipped back to the number-two spot at just over $214 billion. Bringing up the top three is Bernard Arnault, Europe’s richest man and head of the luxury goods company LVMH, now valued under $197 billion.

The stock market has also been kind to Meta CEO Mark Zuckerberg (up $61.5 billion), Dell CEO Michael Dell ($35.8 billion), Oracle chairman Larry Ellison ($37.7 billion richer), and Google co-founder Larry Page (up $33.1 billion).