Elon Musk No Longer Second Richest; Loses Spot After Shares Fall 2.2%

Musk held the top spot in the Bloomberg Billionaires Index till as recently as March, now has a fortune of $160.6 billion, down 24% from its January high.

Elon Musk (Image Source: Reuters)

New Delhi: Tesla Inc. chief executive officer Elon Musk is no longer the second richest person in the world as his shares fell 2.2%. He lost the postion to the chairman and chief executive of LVMH Bernard Arnault. 

The electric vehicle maker's fortune has dropped about $9.1 billion this year. 

According to a Bloomberg report, Musk held the top spot in the Bloomberg Billionaires Index till as recently as March, now has a fortune of $160.6 billion, down 24% from its January high.

His drop from the list follows after the price of bitcoin fell below $50k morning after Tesla CEO tweeted a day earlier that the electric car maker would stop accepting the digital currency as payment for its vehicles last week. He also said that Tesla won't be selling any of the Bitcoin it owns. 

However, over the weekend, Musk wreaked havoc again when he seemed to imply that Tesla may sell or has sold its Bitcoin holdings. On Monday, he clarified in a tweet that the company had done no such thing.

Recently, Musk's debut appearance on “Saturday Night Live” led to the price of dogecoin plunging. The cryptocurrency saw a dip of as much as 29.5 percent, reaching 49 cents at one point after Musk mentioned it in his opening monologue and SNL’s satirical news show “Weekend Update”, CNBC reported.

Meanwhile, Arnault's net worth climbed upwards by almost $47 billion to $161.2 billion as sales of his firm's luxury goods surge in China and other parts of Asia according to a Bloomberg report. Whereas, despite reporting record first-quarter profit, Tesla's shares have since fallen by about a fifth amid a global semiconductor shortage and increasing competition from traditional automakers the report further stated.