Elon Musk is no longer the second-richest person as Tesla shares tumble

Tesla Chief Executive Officer (CEO) Elon Musk lost his position as the world's second-richest person, after shares of the electric vehicle maker dropped over 2 percent on May 17.

LVMH Chairman Bernard Arnault moved to the second position on the Bloomberg Billionaires Index, after Musk's net worth slid.

Musk currently has a fortune of $160.6 billion, 24 percent lower than his wealth in January when he became the world's richest person.

Arnault's net worth has risen by nearly $47 billion to $161.2 billion in 2021, the highest increase among the US billionaires tracked by the Bloomberg Billionaires Index. This comes after LVMH reported strong sales in China and other parts of Asia. The Tesla founder's wealth has fallen $9.1 billion this year, the highest drop among the US billionaires.