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Elon Musk No Longer World's Second-Richest Person as His Fortune Sees Sharp Drop

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Tue, 05/18/2021 - 04:18
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Alex Dovbnya
Elon Musk has lost his second spot to Bernard Arnault after Bitcoin tweets and Michael Burry's big short
Elon Musk No Longer World's Second-Richest Person as His Fortune Sees Sharp Drop
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Tesla CEO Elon Musk has slipped to third place in billionaire rankings after losing $3.16 billion in a day, according to Bloomberg data.

He’s now below Frenchman Bernard Arnault, the 72-year-old CEO of luxury conglomerate LVMH Moët Hennessy.

Overall, Bloomberg estimates that Musk’s net worth has slipped 24 percent from the January peak.

Bloomberg
Image by bloomberg.com

Musk became the richest person on the planet in early January, surpassing Amazon CEO Jeff Bezos.

The Tesla mogul had a relatively short stint at number one, with Bezos reclaiming his title in late February.

In early March, Musk was briefly surpassed by Arnault due to market fluctuations, but he then managed to reclaim his title of the second-richest person.

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Tesla under pressure

The Tesla stock closed the Monday session 2.19 percent lower, partially recovering from an intraday low of $562.

Musk’s recent tweets about Bitcoin have contributed to the drop, with many shareholders perceiving them as a distraction from the company’s core business.

As reported by U.Today, the Tesla mogul warned that the company could remove Bitcoin from its balance sheet before backtracking on the threat.

Michael Burry of “The Big Short” also revealed a $534 million short bet on the e-car maker after predicting that the stock could plunge 90 percent.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.