Tesla CEO Elon Musk saw his fortune drop by $8.9 billion , as the auto company’s shares went into a completely bad day due to bearish outlook from JP Morgan analysts.

In a new report, the bank’s analysts warned investors not to add Tesla shares to their portfolios before the stock is added to the S&P500 on Dec.21. According to Ryan Brinkman, an analyst at JPMorgan, Tesla shares are in fact “dramatically overvalued”.

As the market closed, Tesla shares were down about 7%, lowering Elon Musk’s net worth to $135.8 billion. I expect it cost him his return to third place in the Forbes ranking of the richest people in the world. Just a day earlier, when Tesla’s shares rose following news of a $ 5 billion capital increase, Elon Musk had managed to overtake LVMH president  Bernard Arnault  to become the second richest person in the world. Arnault has now regained that title, adding, on Wednesday, $1billion to his assets, which now stand at $145.6 billion.

Elon Musk owns about 21% of Tesla’s shares, as well as a stake in the private space company SpaceX. And on Tuesday it emerged that he had moved his primary residence from California to Texas, which means that now the three richest people in the United States, Elon Musk,  Jeff Bezos and  Bill Gates,  live in states that do not collect income tax. state.