It wasn’t a great day for billionaire, Elon Musk and the remaining top three wealthiest people on Thursday, following heavy losses in their networths, but the loss wasn’t enough for either of them to drop on the richest men list.

Musk suffered from Tesla’s share meltdown on Thursday, which followed Bill Gates statement, reported by Ripples Nigeria, that the automaker will lose value in the market due to rising competition amid adoption for more electric cars.

Tesla market value slumped over -8%, resulting to Musk losing $18.7 billion in eight hours after trading closed. This resulted to the world’s richest man’s estimated networth falling to $246.7 billion, but still retained his number one spot.

The billionaire next to Musk is Bernard Arnault & family, whose wealth crashed to $146.6 billion, after losing $4.9 billion from his fortune, thanks to the -6.55% depreciation in his company, LVMH, value, as negative sentiment cloud the firm.

Amazon founder, Jeff Bezos, wasn’t left out of the bears attack in the capital market, recording the second highest loss behind Musk, $9.5 billion. As a result, Bezos’ networth fell to $142.2 billion.

While Gates comment could be linked to Tesla’s market depreciation, he wasn’t immune to the dwindling fortunes either, losing $2.8 billion to the bears that brought down Microsoft share by -2.87%, and left him with $129.1 billion in networth.

At the end of the day, Musk, Arnault, Bezos and Gates lost a whopping $35.9 billion combined.

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