Tesla CEO Elon Musk is no longer the world’s second-richest person in the world, according to the latest ranking on the Bloomberg Billionaires Index. Musk lost the second spot to LVMH Chairman Bernard Arnault after Tesla’s shares fell 2.2 per cent, reported Bloomberg.

Tesla shares slumped sharply after a global rout of technology stocks last weeks. Musk, who was on the top spot on the Bloomberg Billionaires Index in March, has seen his fortune reduce to $160.6 billion — down at least 24 per cent for its January high.

Elon Musk’s net worth could decline further after his recent statement which led to a slump in Bitcoin, the world’s most popular cryptocurrency, by almost 17 per cent. Musk said Tesla would no longer accept the digital currency as payment.