In just nine weeks, Elon Musk has fallen dropped from his position as the world’s richest man to third place, now lagging behind Amazon CEO Jeff Bezos and LVMH Chairman and CEO Bernard Arnault.
According to Bloomberg Billionaire’s Index, Musk’s wealth had dropped by to $160.6 billion on Monday, falling below Arnault’s at $161.2 billion. Jeff Bezos’s holdings were valued at $190 billion.
At the start of the year, Musk had taken over the top spot, ahead of Bezos as the richest person in the world.
The change has come as Musk was losing his popularity among crypto investors, after an announcement that Tesla would no longer accept Bitcoin for payments.
Musk’s announcement, as well as his other tweets, baffled crypto enthusiasts. Musk was apparently unconcerned that his tweets had crashed the price of Bitcoin, despite the fact that Tesla owned $1.3B in the cryptocurrency.
Jackson Palmer, the co-creator of Dogecoin, called Musk a self-absorbed grifter, and his SNL appearance “cringe.”
Musk’s wealth was primarily affected by his holdings in Tesla. The electric vehicle company’s shares have dropped to $585 from the January high of $883, a percentage drop of 33%.