Jeff Bezos has just lost his status as the world’s second richest person, dropping to third place as Indian tycoon Gautam Adani rapidly climbs the ranks of Bloomberg’s Billionaires Index.

Elon Musk, still the richest person in the world with $260 billion to his name, may need to be careful.

It took Adani less than ten months to reach second place after starting the year in 14th. It’s the first time a person from Asia has ranked so high on Bloomberg’s list, which is dominated by white tech entrepreneurs.

Adani’s $146.9 billion fortune, largely tied to holdings in his sprawling conglomerate Adani Group, is still well behind Musk’s $260 billion.

The group operates a number of businesses, including ports and coal, that have prospered in recent years. Shares in some Adani companies are up more than 1,000% since June 2020 – reflecting investor optimism about the conglomerate’s strength in areas such as infrastructure and renewable energy that Prime Minister Narendra Modi has prioritized for development. Shares in its flagship Adani Enterprises are up more than 115% in 2022.

In February, Adani overtook Indian tycoon Mukesh Ambani to become the richest person in Asia.

Bezos’ net worth tumbled to $145.8 billion, according to Bloomberg, as tech stocks were hit hard amid a broader share sale on Friday. Amazon shares are down 3% in early trading, and the stock is down more than 25% this year.

The Amazon founder was already number one on the list, but his wealth was affected by his divorce in 2019.

Much of his wealth is tied to Amazon stock. According to Bloomberg, the technology sale has reduced Bezos’ net worth by $45 billion since January.