Musk is no longer the richest person in the world, nor the second richest person Business and Economic News

Tesla leader Elon Musk lost his place to become the second richest person in the world in the Bloomberg Billionaires Index.

Elon Musk’s Twitter posts continue to lower Bitcoin prices. His luck goes in the same direction.

On Monday, the CEO of Tesla Inc lost his place as the second richest person in the world, ahead of LVMH President Bernard Arnault, whose shares of electric vehicle manufacturers fell 2.2%. That was last week’s decline, with technology stocks and new signs of problems in China.

Musk, which topped the Bloomberg Billionaires Index in March, now has $ 160.6 billion in revenue, 24% less than its January high.

The drop came in a turbulent period for Musk, as Bitcoin fell to 15% last week after Tesla posted a notice that Tesla no longer supported digital currency as a payment. He also saw the prices of Dogecoin after working with Shiba Inu theme token developers after tweeting to improve transaction efficiency.

Causing disaster

Over the weekend, Musk caused havoc again when Tesla said it could sell or sell its Bitcoin assets, only to later clarify in a tweet on Monday that the company had not done so.

Musk, 49, became the richest person in the world in January, with shares of Tesla rising nearly 750% last year amid a rise in technology-based stocks. Despite gains in the first quarter, shares in Palo Alto, California fell by about a fifth due to global shortages of semiconductors and competition from traditional automobiles.

Among Tesla’s skeptics is Michael Burry, an investor who rose to fame for his bets on mortgage securities in the financial crisis for billions. He recently made a big bet against the company, according to a regulatory filing on Monday.

Musk’s wealth has fallen by about $ 9.1 trillion this year, most notably among U.S. billionaires who have tracked Bloomberg’s wealth index.

Arnault, meanwhile, is 72 years old, and its net worth has risen to nearly $ 47 billion to $ 161.2 billion as its business in China and other parts of Asia has seen sales of luxury goods rise.

(Adds details of Burry’s short Tesla in the sixth paragraph)
–With the help of Jack Witzig and Devon Pendleton.