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Elon musk loses second world richest position after losing $20billion

anyevalentine | 19.05.2021 | 0 | World

Tesla dealer Elon musk has lost the 2nd world richest man position according to Bloomberg’s Billionaire index. The billionaire Had a huge loss of money after his tweet devalues bitcoin.

His wealth reduced following a decline in Tesla’s stock value, which dropped by 2.2%. This cost Musk his position as LVMH Chairman, Bernard Arnault, took over the spot. Arnault’s wealth rose by $47 billion to hit $161.2 billion following a surge in his company’s Chinese sales of his luxury goods. The rise in sales was also recorded in other parts of Asia.

The South African billionaire has been facing a crisis in his Tesla company in china couple with the revolts against his decision to stop receiving payments in bitcoins. This has lead to a loss of 9.1billion.

According to Bloomberg Index, Musk is the highest billionaire to have lost fortunes within a short time as he is now worth $160.6 billion.

In FORBES ranking, Elon faces a lesser ranking with $145.5 billion, losing $20billion after his tweet to drop bitcoin as a method of payment. Tesla also dropped 15% share value.

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