Elon Musk is no longer the second richest person in the world. This businessman took his place

On Monday, businessman Elon Musk lost his place as the second richest person in the world, according to the Bloomberg Billionaires Index .

The co-founder of Tesla and SpaceX, was ousted by Bernard Arnault, president of LVMH, this because the value of Tesla shares fell 24% since January to go from a price of 900 dollars to 580 currently.

In January Musk even ranked as the richest man in the world, beating Amazon’s Jeff Bezos.

According to Bloomberg , Arnault is worth $ 161.2 billion, while Musk is “just” worth $ 160.6 billion.

Recently, Musk’s statements have caused the cryptocurrency Bitcoin to crash, to bring its price below $ 45,000.

In recent days, the entrepreneur also said that Tesla will no longer accept bitcoins for the purchase of cars, citing environmental concerns caused by mining the cryptocurrency.

This article first appeared on Entrepreneur.