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Elon Musk becomes world third richest man as his networth reduces(see who over took him)

Uramah Media

Top 10 wealthiest people on Bloomberg’s Billionaire Index 

1. Jeff Bezos (U.S.) – $190Billion; Amazon founder and CEO 

2. Bernard Arnault (France) – $161Billion; chief executive of luxury goods firm LVMH 

3. Elon Musk (U.S.) – $160.6Billion; Tesla’s chief executive 

4. Bill Gates (U.S.) – $144Billion; Microsoft founder

5. Mark Zuckerberg (U.S.) – $118Billion; Facebook chief executive

6. Warren Buffett (U.S.) – $109Billion; Investor and business tycoon

7. Larry Page (U.S.) – $105Billion; Co-founder of Google, controlling shareholder

8. Sergey Brin (U.S.)  – $101Billion; Co-founder of Google, controlling shareholder 

9. Larry Ellison (U.S.) – $91.1Billion; Chairman, chief technology officer and cofounder of software giant Oracle 

10. Steve Ballmer  (U.S.)- $88.7Billion; Former CEO of Microsoft

Bloomberg data as of May 17

Elon Musk has dropped out of his spot as the world’s second richest man, falling below Louis Vuitton chairman and CEO Bernard Arnault after Tesla’s share price sank.

Musk’s fortune sank by $3.16 billion on Monday, to $160.6 billion, marking a 24 percent decline from its January high, according to the Bloomberg Billionaire’s Index.

As recently as March, the Tesla CEO and ‘Technoking’ had topped the list as the world’s richest man, but now sits below Amazon CEO Jeff Bezos and Arnault, the French billionaire who runs LVMH Moët Hennessy Louis Vuitton. 

On Monday, Bezos had a fortune valued at $190 billion, and Arnault was at $161.2 billion. 

The eye-watering fortunes topping the list are composed primarily of stock holdings, meaning that their values fluctuate daily with changes in the stock market. 

Musk’s latest net worth fall comes as a co-creator of Dogecoin, the cryptocurrency Musk has gotten behind – and then seemed to abandon – called the Tesla founder a ‘self-absorbed grifter.’ 

It also comes after Musk sent the price of Bitcoin tumbling as much as 15 percent over the weekend with tweets saying that Tesla would no longer accept the cryptocurrency from customers, citing environmental concerns over the energy used to process transactions.

Tesla holds a reserve of Bitcoin that cost the company about $1.3 billion, linking the company’s share price to the volatile cryptocurrency.

On Sunday Musk suggested in a cryptic tweet that Tesla could have dumped the remainder of its Bitcoin holdings.

But in the early hours of Monday, he tweeted: ‘To clarify speculation, Tesla has not sold any Bitcoin.’ 

After hitting an all time high of $64,829.14 last month, the price of Bitcoin dropped below $45,000 for the first time in three months on Monday. The cryptocurrency was at $43,637.90 on Tuesday morning.ADVERTISEMENT

Tesla shares dropped again in early trading on Tuesday, hurt by news that the California Department of Motor Vehicles is reviewing whether Tesla is violating a state regulation by advertising its vehicles as being fully autonomous.

Tesla’s share price is well off its January highs, as seen in this year-to-date view of the stock
Bitcoin dropped sharply over the weekend after Musk’s tweets spurred investor concern

State regulation prohibits advertising vehicles for sale or lease as autonomous if they can’t comply with the regulatory definition, the agency said.

Tesla advertises a $10,000 ‘Full Self-Driving’ option on the website for its electric vehicles, but the same website says the vehicles cannot drive themselves. 

Tesla’s driver assistant features, which the company describes as ‘Autopilot’ or ‘full self-driving’ are under growing scrutiny following a series of accidents and online videos of Tesla cars driving with no one in the driver’s seat.

Louis Vuitton chairman and CEO Bernard Arnault took the second spot on the list of the world’s richest people on Monday
Louis Vuitton stock is sitting at all-time highs, as seen in this long-term view of the stock

Tesla charges $10,000 for its semi-automated features such as lane changing and parking assistance under its full self-driving (FSD) software.

Tesla says on its website that the features do not make the vehicle autonomous, but the term FSD is widely used by Musk, who has over 50 million Twitter followers. 

The probe comes amid several high-profile crashes nationwide – including a fatal wreck in California – involving Autopilot in recent weeks.

On Saturday, a Tesla in autopilot mode plowed into a Snohomish County deputy´s patrol car north of Seattle, causing significant damage but no injuries.

A 35-year-old man was killed on May 5 in Fontana, California, when his Tesla Model 3 struck an overturned semi on a freeway east of Los Angeles about 2.30am.

On Wednesday, Tesla announced that it would no longer accept Bitcoin as payment, citing environmental concerns
The billionaire responded Sunday afternoon to a Twitter account which claimed he would be selling off all Bitcoin holdings
Bitcoin has fallen off its all-time high last month following Musk’s mixed messages

The California Highway Patrol initially said its preliminary investigation had found that Autopilot ‘was engaged’ prior to the crash, but walked back its statement a day later. 

Investigators have not made ‘a final determination made as to what driving mode the Tesla was in or if it was a contributing factor to the crash,’ it said.

The victim, Steven Michael Hendrickson, had previously posted social media videos of himself riding in the vehicle without his hands on the wheel or foot on the pedal.

The DMV joins the U.S. National Highway Traffic Safety Administration in investigating Tesla´s automated systems. In the past, NHTSA, has taken a hands-off approach to regulating partial and fully automated systems for fear of hindering development of promising new features.

But since March, the agency has stepped up inquiries into Teslas, dispatching teams to three crashes. 

It has investigated 28 Tesla crashes in the past few years, but thus far has relied on voluntary safety compliance from auto and tech companies. 

At least three people have been killed in U.S. crashes in which Autopilot was operating but neither the system nor the driver took action to avoid obstacles. 

Dogecoin creator brands Elon Musk a ‘self-absorbed grifter’ after his SNL performance caused the joke cryptocurrency to plummet 22%

A co-creator of Dogecoin branded Elon Musk a ‘self-absorbed grifter’ after the Tesla CEO caused the meme-inspired cryptocurrency’s value to plummet by calling it a ‘hustle’ on Saturday Night Live. 

Australian entrepreneur Jackson Palmer, who created Dogecoin with American Billy Markus in 2013, took aim at Musk in a string of since-deleted tweets on Thursday, writing: ‘Reminder: Elon Musk is and always will be a self-absorbed grifter.’ 

In a second tweet he added: ‘Removing this in 1 min as that’s all I have to say and I enjoy the quiet life.’ 

Palmer followed that up with one more jab in reference to Musk’s performance hosting SNL days earlier, writing: ‘ps. SNL episode was cringe, bro.’ 

The tweets came a day after Tesla announced that it would no longer accept Bitcoin as payment due to environmental concerns, causing the value of the cryptocurrency to plummet.

Dogecoin co-creator Jackson Palmer (pictured) branded Elon Musk a ‘self-absorbed grifter’ after the Tesla CEO caused the meme-inspired cryptocurrency’s value to plummet by calling it a ‘hustle’ on Saturday Night Live
Musk is seen visiting the construction site of Tesla’s gigafactory in Gruenheide, Germany, on Monday

Dogecoin had taken a similar hit after Musk referenced the cryptocurrency on SNL – almost certainly adding to Palmer’s qualms with the CEO.   

In his monologue, Musk himself did not mention Dogecoin by name, sending the price of the volatile asset plunging dramatically as he spoke.

His mother Maye, who made a guest appearance for Mother’s Day, did say she hoped that his gift would not be Dogecoin, to which he replied: ‘It is!’ 

Later in the Weekend Update segment, Musk appeared in the character of ‘financial expert Lloyd Ostertag’ to explain cryptocurrencies including Dogecoin.

Palmer took aim at Musk in a string of since-deleted tweets on Thursday, writing: ‘Reminder: Elon Musk is and always will be a self-absorbed grifter’

‘It started out as a joke based on an internet meme, but now it’s taken off in a very real way,’ he said. Pressed over and over again to explain what Dogecoin is, ‘Ostertag’ finally admitted: ‘Yeah, it’s a hustle!’ 

Breaking character, Musk then laughed and shouted ‘to the moon!!’ in the rallying cry for Dogecoin boosters. 

Palmer – who founded Dogecoin seven years ago to ‘take a jab’ at all the new alt-coins that were coming on a market dominated by Bitcoin – was apparently unimpressed by Musk’s comments and the subsequent drop in his cryptocurrency’s value.    

Musk has a history of provocative tweets about the markets, which have landed him in hot water with the Securities and Exchange Commission (SEC) and earnt him a $20million fine. 

He caused his latest stir on Sunday by posting a cryptic tweet suggesting that Tesla had off-loaded its Bitcoin holdings.

It came in response to a tweet from a random account which read: ‘Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him.’ 

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Sir Uramah

The author Sir Uramah

Uramah David is the Founder, Ceo and an editor of Uramah Media. He loves to entertain, inform and updates youths/students.We are social! follow us on:

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