AUS
NZ
UK
CA
USA
IND
_07_03_2026_03_50_21_133108.jpg)
Summary
- Elon Musk has lost his position as the second-richest person in the world following a series of events in the past nine days, including Tesla’s decision to cease accepting payments in Bitcoin for their vehicles.
- Musk announced Tesla’s decision via Twitter, citing the digital currency’s adverse effect on the environment.
- LVMH Chairman, Bernard Arnault, superseded Musk to become the second-wealthiest person following an increase in sales of luxury goods in China.
On Monday, Tesla (NASDAQ:TSLA) CEO Elon Musk lost his position as the second richest person in the world as LVMH Chairman, Bernard Arnault, took the spot.
Elon Musk drops to 3rd in the list of the wealthiest people in the world (Source: © Joeduffy1| Megapixl.com)
The electric vehicle’s shares fell 2.2 per cent on Monday, resulting in a significant drop of US$25 billion in Musk’s personal fortune, which now sits at US$159 billion, down from US$184 billion on 9 May.
Why Musk’s Recent Spiral?
The loss comes a week after Musk hosted Saturday Night Live, in which he referred to meme-based crypto Dogecoin as a ‘hustle’.
Dogecoin enthusiasts had been optimistic prior to Musk’s appearance on the legends US comedy show as any mention of Dogecoin by the SpaceX billionaire had resulted in Dogecoin’s value spiking considerably. However, Musk’s ‘hustle’ quip sent its price plummeting 40% from 70 cents to just 44 cents in the spate of a few hours.
Before his SNL appearance, Musk had warned on Twitter that it was “unwise” to invest one’s life savings into cryptocurrency. The warning was a departure from his more optimistic position on crypto, especially Dogecoin, which he had previously conveyed of going “to the moon”. Musk has also touted himself as the “Dogefather”, leading him to be the unofficial CEO of the satirical digital currency.
One of the actual creators of Dogecoin, Australian Jackson Palmer, made a rare post on Twitter labelling Musk “a self-absorbed grifter” before later deleting the tweet.
Days after that, Musk announced on Twitter that Tesla would no longer be accepting Bitcoin as payment for their vehicles, siting the crypto’s environmental costs as Bitcoin notoriously consumes an astronomically large amount of fossil fuels in the mining of its coins.
Musk caused a stir again over the weekend when people interpreted a tweet suggesting Tesla may dump all its Bitcoin, which he later clarified, saying the company had not.
Meanwhile, LVMH Chairman Bernard Arnault’s net worth has climbed US$47 billion.
Bernard Arnault, LVMH Chairman, moves to the number 2 spot in the rich list (Source: © Haslinda | Megapixl.com)
The 72-year-old’s fortune now sits at US$162.2 billion. The French entrepreneur’s rise in wealth comes on the back of a surge in luxury goods in China.
