Elon Musk Drops From Second Position On World’s Most Wealthiest People List

Telsa boss and billionaire businessman Elon Musk has yet again lost his place on the World’s Most Wealthiest People list as he drops from second to third position.

Elon Musk had earlier in a couple of weeks ago lost the top spot on the list to Amazon boss Jeff Bezos and was on the second spot of the list until he was overthrown and moved to the third place by the Louis Vuitton chairman and Chief Executive Officer Bernard Arnault yesterday.

According to Bloomberg Billionaire’s Index the Telsa boss fortune sank by $3.16 billion on Monday, to $160.6 billion, with a 24 percent decline compared to his January high, making him lose his position on the list to Bernard Arnault.

Reports indicate as of Monday, Bezo’s had a fortune valued at $190 billion, and Arnault was at $161.2 billion with Musk trailing them with $160 billion.

Many believes Musk’s sink in fortune is as the result of the decline in the Bitcoin cryptocurrency as Tesla holds a reserve of Bitcoin that cost the company about $1.3 billion, linking the company’s share price to the volatile cryptocurrency.

Recall Elon Musk couple of weeks ago revealed that persons living in the United States can purchase a Telsa car with Bitcoin and the company will not be changing earnings from the cryptocurrency into hard currency.

But caused some stir about 3 days ago on the weekend stating customers can no longer purchase a Telsa car with the cryptocurrency after they realized the value of Bitcoin had started falling.

Check out the new list below;

Top 10 wealthiest people on Bloomberg’s Billionaire Index

1. Jeff Bezos (U.S.) – $190Billion; Amazon founder and CEO

2. Bernard Arnault (France) – $161Billion; chief executive of luxury goods firm LVMH

3. Elon Musk (U.S.) – $160.6Billion; Tesla’s chief executive

4. Bill Gates (U.S.) – $144Billion; Microsoft founder

5. Mark Zuckerberg (U.S.) – $118Billion; Facebook chief executive

6. Warren Buffett (U.S.) – $109Billion; Investor and business tycoon

7. Larry Page (U.S.) – $105Billion; Co-founder of Google, controlling shareholder

8. Sergey Brin (U.S.)  – $101Billion; Co-founder of Google, controlling shareholder

9. Larry Ellison (U.S.) – $91.1Billion; Chairman, chief technology officer and co-founder of software giant Oracle

10. Steve Ballmer  (U.S.)- $88.7Billion; Former CEO of Microsoft