Tesla's founder Elon Musk is no longer the second richest person in the world

Mar 5, 2021

By: Navdeep Yadav

​According to Forbes, Musk's net worth plummeted $6.2 billion in one day…

Luxury goods company CEO Bernard Arnault took over his place with a net worth of $155.6 billion.

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Forbes estimates Musk's current net worth at $150.9 billion

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Musk's overall net worth has fallen dramatically since the beginning of 2021

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​In early January, the South African-born entrepreneur took over Jeff Bezos to become the richest...

His net worth was then estimated at $187 billion, and by mid-January, he touched the $200 billion mark for the first time.

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​The reason behind the fall of the 49-year old billionaire...

Tesla shares which were soaring high in the sky, have seen a significant fall in recent months.

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​Musk's losing streak began on Wednesday…

When the US stocks started in negative territory as bond yields marched higher and fresh economic data suggested a tepid recovery.

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​The stock plummeted more than 5 percent yesterday…

While the broader US-index, Nasdaq Composite, was down about 2 percent on Thursday.

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​Last week, Musk lost his position as the world's richest person after shedding $15 bn of his net worth.

The fall came after he tweeted that the prices of Bitcoin and its rival Ether "do seem high."

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​Musk had invested around $1.5 billion in the crypto giant Bitcoin just a month ago.

Tesla shares plunged more than 25 percent after Musk's tweet — making the company lose $200bn in market value.

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