Warren Buffett became richer than Mark Zuckerberg after shares of Meta – Facebook’s parent company – lost nearly $240 billion on Thursday following a dismal quarterly earnings report.

The 26% collapse in Meta’s stock price sent Zuckerberg’s net worth, who owns 14% of Meta, down nearly $31 billion in a day to about $90 billion, according to the Bloomberg Billionaires Index.

Zuckerberg’s fortune has fallen 30 percent this year, dropping him to 10th place on Bloomberg’s list of billionaires. Just two weeks ago, he was the sixth richest person in the world.

Buffett, meanwhile, ranks seventh on the Bloomberg Billionaires Index list as his net worth rose about $5 billion to $114 billion, making him the only person in the top 10 to come out in net income this year.

The drop in Meta’s stock price also brought the company’s market capitalization below that of Buffett’s Berkshire Hathaway for the first time in two years. Berkshire Hathaway’s share price has risen 4% since the beginning of the year, while Meta’s share price has fallen 30% over the same period.

A major shareholder in Berkshire Hathaway, Buffett is known for his value investing strategy, which involves buying low-quality stocks in the hope that their prices will subsequently rise. This year, value stocks have outperformed growth stocks.

Zuckerberg isn’t the only tech titan whose net worth has plummeted this year. The collapse in tech stocks has also hit the fortunes of other tycoons in the sector, including Elon Musk, Jeff Bezos and Bill Gates.