Elon Musk is no more the second richest man on Earth, thanks to its slouching business in China and a global slump in technology stocks. The electric-car maker’s shares came down 2.2% on Monday giving his first spot to LVMH Chairman Bernard Arnault.
After creating waves in the Bitcoin prices, first with his tweets about investing in the currency and then by announcing that Tesla is no longer accepting it as a digital payment method, Elon Musk kept the stock market on its feet to stay updated.
The CEO of Tesla remained on top of the heap in Bloomberg Billionaires Index till March but came tumbling down after his fortune recorded a 24% fall since its January all-time high value. He currently owns $160.6 billion.
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It was after Musk’s tweets pulled down Bitcoin’s value by 15% last week as he posted that Tesla wasn’t accepting the currency anymore as a payment to buy their vehicles. This was followed by his tweets of working alongside the Shiba Indu-themed token developers to enhance transaction efficiencies, affecting the Dogecoin prices directly.
Things got heated up again last weekend after Musk seemed to convey that Tesla might have already sold or will be selling its Bitcoin holdings. However, he cleared on Monday that the company hadn’t done so.
In January, the 49-year-old had become the richest man in the world as Tesla’s shares jumped 750% in 2020 after technology stocks took the stride. Though Palo Alto, a California-based company, recorded first-quarter profits, its shares fell down by a fifth following shortage in global semiconductors and an increase in the competition from traditional vehicle manufacturers.
However, 2021 turned out to be pretty problematic for Musk as he became the person facing the worst hit amongst billionaires of the US. He lost $9.1 billion this year- the most by any person according to Bloomberg’s wealth index.
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On the other hand, Louis Vuitton’s Arnault gained the highest with his fortune witnessing a surge of $47 billion, taking his net worth to $161.2 billion. The sudden increase was a result of his luxury brand’s heightened sales in China and different parts of the Asian continent.
