Tesla founder, Elon Musk, fortune dropped to $150.1 billion on Tuesday, costing the businessman his position on the world’s rich list.
Musk had lost $971 million after trading to slip from second to third on the list.
He is now behind the Chairman of Moët Hennessy Louis Vuitton (LVMH), Bernard Arnault; and Amazon owner, Jeff Bezos; on the pecking order of world’s richest persons.
Forbes billionaires’ watchlist had reported that while Musk lost a significant chunk of his fortune, Arnault worth increased to $199.2 billion to surpass Bezos, whose wealth stands at $196.5 billion.
Musk’s wealth dipped by 0.64 percent.
The cause of the $971 million loss was traced by Ripples Nigeria to drop in Tesla’s share value, which crashed by 0.82 percent.
The carmaker’s stock value depreciated from its opening price of $597.53 to $594.45 per share on Wednesday morning.
This translated to a $4.91 loss in the company’s share price.
Musk’s wealth also dwindled on Bloomberg Billionaire Index as his fortune was put at $166 billion.
However, Bezos remained the richest man on Bloomberg with $196 billion followed by Arnault with a net worth of $179 billion.
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