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Elon Musk Loses World’s Second-Richest Ranking
Elon Musk arrives at the Axel Springer Award ceremony in Germany on Dec. 1, 2020. (Liesa Johannssen-Koppitz/Bloomberg News)
Elon Musk’s Twitter posts keep sending Bitcoin prices tumbling. His own fortune is heading in the same direction.
On May 17, Tesla Inc.’s CEO lost his spot as the world’s second-richest person to LVMH Chairman Bernard Arnault as the electric vehicle maker’s shares fell 2.2%. That was on top of last week’s slump amid a rout in technology stocks and fresh signs of trouble in its China business.
Musk, who held the top spot in the Bloomberg Billionaires Index as recently as March, now has a fortune of $160.6 billion, down 24% from its January high.
At their highs, five electric vehicle startups that went public through mergers with special purpose acquisition companies were worth $60 billion. The corrections that followed have been brutal.