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According to Bloomberg data, Elon Musk, the CEO of Tesla and founder of SpaceX, has recently lost the world’s second-richest position after losing a whopping $3.16 billion in a day.

Going by the data, the 72-year-old CEO of luxury conglomerate LVMH Moët Hennessy, Bernard Arnault, now occupies the third position.

Read Also: Elon Musk: Dogecoin (DOGE) Will Become Currency of Earth with Low fees and High Volume

Elon Musk Loses World’s Second-Richest Position after losing $3.16 Billion in A Day

It can be recalled that Elon Musk became the richest man in the world in January 2021, beating the CEO of Amazon, Jeff Bezos.

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However, the billionaire tech expert did not hold the position for a long time. Bezos reclaimed the position in late February.

Elon Musk was also briefly displaced by Arnault due to market fluctuations. He later managed to reclaim the second position.

Going by Bloomberg’s report, Elon Musk has lost 24% of his accumulated wealth since the January peak.

Read Also: Elon Musk Considers Adding Dogecoin (DOGE) As Tesla Payment Option

Elon Musk Also Has a Share of the Doom He Created For Bitcoin (BTC)

Elon Musk’s action over the past few days has not only affected the crypto market. The action is also dipping the price of Tesla stock.

A few days ago, Elon Musk revealed that he has lost his trust in Bitcoin due to the high rate of using fossil fuel, especially coal, by Bitcoin miners, stating that it’s bad for the environment.

He also announced that Tesla has decided to stop accepting Bitcoin (BTC) for car purchases. This action negatively impacted the value of Bitcoin and some other cryptocurrencies in the market.

The Tesla stock is also having a share of the doom deliberately created for Bitcoin by Elon Musk. The Tesla stock closed the Monday session 2.19 percent lower and it’s partially recovering from an intraday low.

Read Also: Elon Musk Responds to Speculation of SEC’s Investigation over Dogecoin Deliberate Pumps

Many Tesla shareholders treated Musk’s recent tweets as a distraction from what the company represents. This lead Michael Burry of “The Big Short” to reveal a $534 million short bet on Tesla after predicting that the stock could lose 90% of its value.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.