Elon Musk Drops To No.3 In The 'Richest Man In The World' List

Elon Musk had overtaken Jeff Bezos in March as the richest man on the planet after overtaking Bill Gates as the 2nd richest in 2020 but now he's down to number 3 on the list, overtaken by Bernard Arnault, the LVMH chairman.

Elon's wealth declined as Tesla's stock dropped by 2.2 per cent. Musk's wealth is very closely linked with the electric car maker's valuation. In 2020, Tesla became the most valuable carmaker.

Musk's fortune is now worth $160.6 billion, only beat by Jeff Bezos, the Amazon founder and Bernard Arnault of LVMH. Chances are that Musk will likely overtake Arnault again considering his bets in Dogecoin, Tesla and SpaceX.

Musk has lost $9.1 billion 2021 based on fluctuating valuations of his companies

The drop also follows bitcoin tumbling 15 per cent in value after Musk's statement on Twitter where he claimed that Tesla would stop accepting the currency.

Musk also indicated that he would sell his Bitcoin holdings but he clarified that his company had not done so. Tesla's stock has generally been surging -- increased more than 750 per cent but its stocks have started to drop because of the global semiconductor shortage which is expected to spill over to 2023.

In 2021, Musk's fortune has dropped by $9.1 billion while the 72-year-old Arnault has seen his fortune increase the most by $47 billion as the sales of LVMH group's luxury items surge in China and other parts of Asia.