Elon Musk loses $ 6.5 billion in a day, now isn’t the world’s 2nd – richest person.
Tesla Chief Executive Officer (CEO) Elon Musk lost his position as the world’s second-richest person, after shares of the electric vehicle maker dropped over 2 per cent on May 17.
Elon Musk lost the second spot to LVMH Chairman Bernard Arnault after Tesla’s shares fell 2.2 per cent, reported Bloomberg.
Tesla shares slumped sharply after a global rout of technology stocks last weeks. Musk, who was on the top spot on the Bloomberg Billionaires Index in March, has seen his fortune reduce to $160.6 billion — down at least 24 per cent from its January high.
Elon Musk’s net worth could decline further after his recent statement which led to a slump in Bitcoin, the world’s most popular cryptocurrency, by almost 17 per cent. Musk said Tesla would no longer accept the digital currency as payment.
The U.S.-based electric car company’s China sales declined in April versus March, according to figures released by the China Passenger Car Association. The EV maker’s shares were on top of last week’s slump amid a global rout in technology stocks and fresh signs of trouble in its China business. Despite reporting record first-quarter profit, California-based company’s shares have since fallen by about a fifth amid a global semiconductor shortage and increasing competition from traditional automakers.
On May 12, Musk said Tesla will no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency.
The Tesla boss’ tweets, which had helped drive some of the gains in bitcoin in recent months, last week triggered a 17 per cent slide in the value of the cryptocurrency when he said his company’s customers would no longer be able to use bitcoin to buy its cars.
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