Elon Musk Loses World’s Second-Richest Ranking After Drop In Tesla Shares, Bitcoin Price
California: Tesla Chief Executive Officer (CEO) Elon Musk has lost his spot as the world’s second-richest person to LVMH Chairman Bernard Arnault due to a decline in electric vehicle maker’s shares and drop in Bitcoin’s price.
As per reports, Tesla Inc.’s chief executive officer lost his spot as the electric vehicle-maker’s shares fell 2.2%.
Musk now has a fortune of USD 160.6 billion, down 24 percent from January high.
He became the world’s richest person in January after Tesla’s shares surged almost 750 per cent last year amid a boom in technology-driven stocks.
Tesla shares were on top of last week’s slump amid a global rout in technology stocks and signs of trouble in its China business.
Bernard Arnault is the chairman and chief executive of LVMH Moët Hennessy – Louis Vuitton SE. It is the world’s largest luxury goods company.
The French billionaire added the most, with his net worth climbing by almost US 47 billion to USD 161.2 billion as sales of his firm’s luxury goods surge in China and other regions of Asia.