Musk loses world's second-richest ranking to LVMH's Arnault as Tesla dips

Tesla Inc chief Elon Musk lost his spot to LVMH Chairman Bernard Arnault as electric vehicle-maker's shares fell 2.2%. Musk now has a fortune of $160.6 billion, down 24% from its January high.

Elon Musk’s Twitter posts keep sending Bitcoin prices tumbling. His own fortune is heading in the same direction.

On Monday, Tesla Inc.’s chief executive officer lost his spot as the world’s second-richest person to LVMH Chairman Bernard Arnault as the electric vehicle-maker’s shares fell 2.2%. That was on top of last week’s slump amid a global rout in technology stocks and fresh signs of trouble in its China business.

Musk, who held the top spot in the Bloomberg Billionaires Index as recently as March, now has a fortune of $160.6 billion, down 24% from its January high.

The drop follows