Elon Musk has fallen out of the spot for the world’s second richest man, being replaced by Louis Vuitton chairman and CEO Bernard Arnault.
According to real-time net worth tracking by Forbes, the 49-year-old Tesla and SpaceX executive has a fortune of $147.3 billion as of Tuesday afternoon. Meanwhile, Arnault’s fortune sits at $182.4 billion. Both men remain below Amazon CEO Jeff Bezos, who reigns as the world’s top billionaire at $188.5 billion
MICROSTRATEGY FAILS TO BOOST BITCOIN AFTER $10 MILLION PURCHASE
The drop in Musk’s net worth comes as Tesla stock is on pace for its fifth consecutive down week, the longest weekly losing streak since March 2018, and its worst month since March 2020.
Shares of Tesla, which closed up slightly at $577.87 at the end of Tuesday’s trading session, are down 18.55% month-to-date and 18.11% year-to-date. The stock is also down 34.56% from its all-time closing high of $883.09 on Jan. 26, 2021.
BURRY OF ‘THE BIG SHORT’ HAS BET AGAINST TESLA: REPORT
Musk’s recent comments have contributed to the volatility of cryptocurrency prices, including Bitcoin, Dogecoin and Ethereum