Tesla founder Elon Musk has lost his position as the world’s second-richest person following a 2.2% decline in the electric carmaker’s share price, Bloomberg reports.

Fast Facts:

  • The price dip followed a slump in global tech stocks and indications of difficulty ahead for Tesla’s China operations.
  • Musk, who was No. 1 in the Bloomberg Billionaires Index only two months ago, is now worth US$160.6 billion, down 24% from his peak worth in January, when he became the world’s richest person.
  • The decline in Musk’s fortune follows comments on cryptocurrencies by the South Africa-born tycoon that pummeled the price of Bitcoin by up to 15% last week.