The world’s richest person, Bernard Arnault, had $11.2 billion less in his bank account as of Tuesday, closing the gap in wealth between himself and Elon Musk, the No. 2 wealthiest person.

The 74-year-old CEO of LVMH — which controls about 75 luxury brands, including Louis Vuitton, Tiffany & Co., and Christian Dior — took the hit to his wealth the same day LVMH shares fell 5% in Paris, Bloomberg reported.

Tuesday’s stock blow was the biggest decline LVMH shares saw in more than a year.

They slumped alongside Hermes International, which fell 5.5%, and Gucci owner Kering SA, which decreased more than 2%.

The European luxury sector was slashed by about $30 billion as a result, according to Bloomberg.

However, Arnault still ranks No. 1 in the Bloomberg Billionaires Index‘s ranking of the world’s richest people, with a net worth of $192 billion — $12 billion above Musk.

Before LVMH’s stock rout, Arnault’s net worth was $203 billion on Monday — $21 billion above Musk’s reported fortune of $182 billion the same day.

Arnault’s net worth increased $29.5 billion over the course of the past year, which could be attributed to LVMH’s stock soaring up to 35% over that time.

Despite Tuesday’s selloff, LVMH’s share price is still up 23% for the year. The MSCI Europe Textiles Apparel & Luxury Goods Index has also risen to 27%, Bloomberg reported.

Musk, meanwhile, remains the world’s second-richest person with a net worth of $180 billion.

Musk, 51, was the world’s richest person in 2022 by a landslide, reaching a peak of $340 billion.

However, his wealth took a massive blow, dipping to as low as $126 billion, in the wake of his October 2022 Twitter purchase.

Amazon chief Jeff Bezos sits in the No. 3 spot on the Billionaires Index, a hefty $41 billion away from Musk.