Elon Musk falls one spot lower in the list of richest billionaires

For the second time in the recent weeks, Tesla Chief Executive Officer, billionaire Elon Musk’s net-worth dropped by nearly $6.5 billion, now making him the 3rd richest man on Earth, according to the Forbes’ real-time billionaires list.

This recent fall is attributed to bulls having taken over the stock of his Electric Automobile manufacturing firm, Tesla Inc. Musk is now valued at $150.9 billion nearly $45 billion less than his lifetime high of $197 billion.


As a result, Amazon’s CEO Jeff Bezos had reclaimed the first spot as the richest man on the planet at a net worth of $175.4 billion. The initial fall in Musk’s net worth had been fuelled by a comment on his own tweet posted by Musk which stated that Bitcoin prices “do seem high lol” only 2 weeks after Tesla had made a $1.5 billion investment in the cryptocurrency.

After that tweet, Musk had lost $15.2 billion in a single day after Tesla shares fell by a massive 25%. Since then, Musk’s wealth has been on a constant decline. French billionaire Bernard Arnault, who is the owner of clothing giant LVMH that operates major luxury brands such as Tiffany & Co., Louis Vuitton, and Marc Jacobs among over 60 other brands, has replaced Musk as the second richest man today.

Arnault’s fortune is said to be currently valued at $155.6 billion.