Elon Musk, CEO of Tesla Inc., caused a sharp drop in the price of Bitcoin last week. Similarly, his personal wealth is declining. As of Monday’s close, Tesla shares fell 2.2%, continuing the decline last week. Right now, global technology stocks are experiencing a rout.
At the same time, Tesla’s China business is also in trouble. The company’s car sales in China fell 27% month-on-month in April. The Bloomberg Billionaires Index shows that Musk’s current net worth is 160.6 billion U.S. dollars, which is a 24% drop from the January high. The world’s second-richest person is handed over to Bernard, chairman of Louis Vuitton.
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Musk, 49, became the world’s richest man in January this year. At that time, the stock market boom driven by technology stocks caused Tesla’s stock price to soar nearly 750% last year. However, despite Tesla’s record profit in the first quarter, Tesla’s stock price has fallen by about one-fifth since then in the context of global semiconductor shortages and increased competition from traditional automakers.
Musk’s personal wealth has fallen by approximately $9.1 billion this year, making him the American billionaire whose wealth has fallen the most in the Bloomberg Billionaires Index. At the same time, the 72-year-old Arnott is the billionaire whose wealth has grown the most. With the soaring sales of Louis Vuitton’s luxury goods in China and Asia, Arnott’s net assets have risen by nearly 47 billion U.S. dollars, reaching 161.2 billion U.S. dollars.
Last week, Musk announced in a tweet that, due to environmental concerns, Tesla will no longer accept Bitcoin as a payment method to buy cars. After the news came out, Bitcoin’s share price plunged by as much as 15% last week. However, Musk later clarified that Tesla did not sell Bitcoin.
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