Billionaire Elon Musk went from being bullied in Pretoria to buying Twitter. Image: Getty Images.

SA-born billionaire Elon Musk loses 2nd spot on ‘World’s Richest List’

Elon Musk now is now behind Louis Vuitton’s Bernard Arnault on the ‘Rich list’, after Tesla’s shares fell by 2.2%


Billionaire Elon Musk went from being bullied in Pretoria to buying Twitter. Image: Getty Images.

Tesla founder Elon Musk has seen his fortune take a bit of a dip, all thanks to his Twitter posts. Musk, who’s the CEO of the electric vehicle manufacturer, lost his place as the world’s second-richest person on Monday, 17 May 2021.

It has undoubtedly been a tumultuous week for Musk – he posted a statement on Twitter, in which he said Tesla was no longer accepting Bitcoin as payment, something he attributed to “rapidly increasing use of fossil fuels for bitcoin mining.”

His announcement saw the digital currency go down by about 15%. However, he has clarified that Tesla won’t sell its more than $2 billion worth of bitcoin, as it intends to resume transactions with the digital currency once mining transitions to more sustainable energy.

Elon Musk: How much is SA-born billionaire worth now?

Now, French fashion mogul Bernard Arnault has assumed Elon Musk’s place. All this after Tesla’s shares fell by 2.2%. According to the Bloomberg Billionaires Index, his net worth is sitting at $160.6 billion which is significantly lower – by 24% from its January highs.

We’re not even halfway through the year yet but, Musk’s fortune has dropped by around $9.1 billion. While 72-year-old Arnault, the chief executive of the world’s biggest luxury goods group LVMH, has amassed around $47 billion. The impressive feat is mainly due to the fact that his company’s luxury items gained wider acceptance in China and other Asian markets.

In January, Musk became the world’s richest person afterTesla’s shares surged almost 750% in 2020, due to a boom in technology-driven stocks.

Here’s how the World’s Richest List looks now

  • Jeff Bezos – $188.5 billion
  • Bernard Arnault – $163.7 billion
  • Elon Musk – $160.6 billion
  • Bill Gates – $129.2 billion
  • Mark Zuckerberg –  $111.6 billion
  • Warren Buffett – $99.8 billion
  • Larry Ellison – $98.5 billion
  • Larry Page – $96.1 billion