Musk is no longer the richest person in the world, or even the second richest person.Business and Economic News

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Tesla CEO Elon Musk lost his position as the world’s second-richest person on the Bloomberg Billionaires Index.

after Bloomberg

Elon Musk’s Twitter posts continue to cause Bitcoin prices to plummet. His own destiny is moving in the same direction.

On Monday, the CEO of Tesla Inc. lost the second-richest person in the world to Bernard Arnault, chairman of Louis Vuitton (LVMH), due to a 2.2% drop in the share price of the electric car manufacturer. s position. This is the downturn last week, when technology stocks fell sharply and there were new signs of trouble in China’s business.

Musk ranked first in the Bloomberg Billionaires Index in March, and his wealth is now $160.6 billion, which is 24% lower than the peak in January.

Before the fall, Musk was in a turbulent period. After he posted a statement on Twitter that Tesla would no longer accept digital currency payments, he sent bitcoin last week with a drop of as much as 15%. He also tweeted that he is working with the developers of Shiba Inu themed tokens to improve transaction efficiency.

Raging

Last weekend, Musk once again hinted that Tesla might sell or sell its Bitcoin assets, which once again suffered severe damage, and then clarified in a tweet on Monday that the company did not take such actions.

Musk, 49, became the world’s richest man in January when Tesla’s stock price soared nearly 750% last year. Despite reporting record profits for the first quarter, the Palo Alto, California-based company’s share price has fallen by about one-fifth due to global semiconductor shortages and increased competition from traditional automakers.

Tesla’s skeptics include Michael Burry, who became famous for his multi-billion dollar bets on mortgage securities during the financial crisis. According to documents submitted to regulators on Monday, he recently placed a large bet on the company.

Musk’s wealth has fallen by about $9.1 billion this year, the most among American billionaires tracked by the Bloomberg Wealth Index.

At the same time, the 72-year-old Arnault had the largest increase, with his net worth climbing nearly US$47 billion to US$161.2 billion, due to the company’s sales of luxury goods in China and other parts of Asia.

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



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