Tesla shares have lost a quarter in value since January.
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The co-founder of Tesla and SpaceX, was ousted by Bernard Arnault, president of LVMH, this because the value of Tesla shares fell 24% since January to go from a price of 900 dollars to 580 currently.
In January Musk even ranked as the richest man in the world, beating Amazon’s Jeff Bezos.
According to Bloomberg , Arnault is worth $ 161.2 billion, while Musk is “just” worth $ 160.6 billion.
Recently, Musk’s statements have caused the cryptocurrency Bitcoin to crash, to bring its price below $ 45,000.
In recent days, the entrepreneur also said that Tesla will no longer accept bitcoins for the purchase of cars, citing environmental concerns caused by mining the cryptocurrency.