Despite received wisdom being that Elon Musk is the world’s wealthiest person, crypto traders are suddenly doubting his ability to hold onto his title.

This week, Polymarket traders were placing bets at 96% odds that Musk would slip from top spot. Those same binary options were trading at 15% odds as recently as Tuesday.

Meanwhile, on US-based Polymarket competitor Kalshi, similar options traded down from 91% to 64% within 36 hours.

That dramatic move in betting for the world’s top billionaire follows a world record in Musk’s personal compensation.

Specifically, on September 5, Tesla’s board of directors proposed $1 trillion in executive compensation for Musk — the largest proposed pay package in history by at least two orders of magnitude.

Just three business days later, however, betting odds for him losing his top spot spiked 540% on Polymarket.

According to the fine print on Polymarket’s resolution metric for its binary options contract, the reference for Musk’s personal wealth is specifically Bloomberg’s Billionaires Index. On that webpage, the second wealthiest person is Oracle’s Larry Ellison.

Kalshi, in contrast, uses Forbes’ estimates.

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