Tesla CEO Elon Musk on Monday lost his standing as the second richest person in the world to LVMH president Bernard Arnault, according to Bloomberg Billionaires Index.
Musk, the co-founder of electric vehicle maker, Tesla, was ousted by LVMH president Bernard Arnault as the value of Tesla fell by 24% since January this year.
Arnault unseated Musk by a difference of a few million dollars. While the luxury goods tycoon Arnault has assembled a fortune of $161.2 Billion, the Tesla CEO’s fortune fell to $160.6 billion, says the report by Bloomberg Billionaires Index.
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In January, Musk went on to become world's richest man surpassing Amazon’s Jeff Bezo, after Tesla shares touched the sky amid the surge in technology stocks.
Musk's recent statements have led to a fall in the bitcoin market with the cryptocurrency trading under $45,000.
On May 12, Musk announced that the Tesla will no longer accept bitcoin for any vehicle purchase, citing long-brewing environmental concerns for a swift reversal in the company's position in the crypto market.
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Musk on Sunday said looking at the downfall in the market, Tesla would have sold its bitcoin holding. However, he later confirmed that the company has its bitcoins safe.
On Monday, Tesla shares were closed at $576.83 but got a strong position in Tuesday’s pre-market trading.
