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Elon Musk Loses World’s Second-Richest Rank as Tesla Dips

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  • Elon Musk loses his second-richest position in the world.
  • LVMH Chairman Bernard Arnault replaces Musk to the second-richest rank.
  • Musk’s recent action affected the entire crypto market and dipping the price of Tesla.

Based on Bloomberg’s report, Elon Musk has lost the second-richest position in the world. As Tesla’s CEO and founder of SpaceX, he lost his ranking after losing a total of $3.16 billion in one day.

On another note, he lost his spot to the 72-year old LVMH Chairman Bernard Arnault. Musk’s fortune has dropped about $9.1 billion this year, while Arnault has climbed the most. More so, LVMH CEO added $47 billion to his total net worth, now having $161.2 billion.

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Of note, Elon Musk was reported to be the world’s richest man in January 2021, defeating Amazon CEO’s Jeff Bezos. However, the billionaire crypto fanatic did not hold the position for a long time. Thus, Bezos reclaimed the no.1 spot in late February.

The drop follows a rough period for Musk after announcing Tesla’s suspension of using Bitcoin. Thus, his action recently has not only affected the entire crypto market, it is also dipping the price of Tesla. Moreover, Tesla shares closed the Monday session 2.19 percent lower and it’s partially recovering from an intraday low.

Additionally, a lot of Tesla shareholders considered Musk’s recent tweets as a distraction from what the company represents. Hence, Michael Burry of ‘The Big Short’ leads to betting $534 million on Tesla.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.