Musk is no longer the richest person in the world or even the second richest in the world Business and Economy News

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Tesla chief Elon Musk lost his position as the second richest person in the world in the Bloomberg Billionaires Index.

Per Bloomberg

Elon Musk’s Twitter posts continue to send Bitcoin prices down. His own fortune goes in the same direction.

On Monday, the CEO of Tesla Inc. lost the position as the second richest person in the world to LVMH President Bernard Arnault, as the shares of the electric vehicle manufacturer fell 2.2%. This meant last week’s fall amid a fall in technology stocks and new signs of problems in its business in China.

Musk, which ranked first in the Bloomberg Billionaires index recently in March, now has a fortune of $ 160.6 billion, 24% less than the January high.

The fall follows a turbulent period for Musk, who sent Bitcoin down as much as 15% last week after posting on Twitter a statement that Tesla no longer accepted digital currency as payment. He also saw Dogecoin pricing after tweeting that he was working with the developers of the Shiba Inu-themed token to improve transaction efficiency.

Causing havoc

Over the weekend, Musk again wreaked havoc when it appeared to imply that Tesla could sell or sell its Bitcoin stakes before later clarifying in a tweet that the company had done nothing.

Musk, 49, became the richest person in the world in January after Tesla shares rose nearly 750 percent last year amid a boom in technology-driven stocks. Despite record first-quarter earnings, shares in the Palo Alto, Calif.-Based company have since fallen by about a fifth in the midst of a global semiconductor shortage and growing competition from automakers. traditional.

Among Tesla’s skeptics is Michael Burry, the investor who gained fame for making billions of bets on mortgage bonds during the financial crisis. Recently, he made a considerable bet against the company, according to a regulatory statement on Monday.

Musk’s fortune has fallen about $ 9.1 billion this year, most of the U.S.-based billionaires tracked by Bloomberg’s wealth index.

Meanwhile, 72-year-old Arnault has added the most, with his net worth rising by nearly $ 47 billion to $ 161.2 billion as his company’s luxury goods sales in China and elsewhere increase. of Asia.

(Add details of Burry’s Tesla short in the sixth paragraph)
–With the assistance of Jack Witzig and Devon Pendleton.

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