Elon Musk, the CEO of Tesla and SpaceX, has reclaimed the title of the world’s second richest person from American businessman Jeff Bezos. Musk’s net worth surpassed Bezos’s, whose wealth was approximately $200 billion as of Tuesday.

Bernard Arnault, the CEO of LVMH, remains the world’s richest person.

Musk’s rise in wealth was driven by a 6% increase in Tesla’s shares, which are now valued at over $185 each. This surge in Tesla’s stock is attributed to a new deal between Tesla and the Chinese internet giant Baidu regarding electric vehicles in China.

Conversely, Bezos saw his net worth drop by an estimated $366 million on Tuesday, as Amazon’s shares significantly declined, pushing his net worth below $200 billion.

Since 2021, there has been a notable rivalry between Musk and Bezos for the position of the world’s second richest person.