Elon Musk’s wealth tumbles by $15 billion after Tesla shares dropped 9% in one day

Elon Musk’s wealth tumbles by $15 billion after Tesla shares dropped 9% in one day

Billionaire Elon Musk has yet again slipped to second place on Bloomberg's index of the world's richest people after his net worth dropped by $15 billion on Monday.

His wealth fell to $183 billion, allowing outgoing Amazon boss Jeff Bezos to reclaim first place, after Tesla's shares tumbled 9% on Monday - their biggest one-day fall since late September. The drop was fuelled partly by Musk tweeting over the weekend that bitcoin and Ethereum prices seem high. Bitcoin dropped 11% on Tuesday, to $48,016, in a sign of wariness of its rapid ascent, while Ethereum fell 15% to $1,521.

The electric-vehicle maker's stock was further undermined by its decision to halt orders for a cheaper version of its Model Y SUV. Tesla has removed the car from its online configurator just a month after launching. It isn't clear yet whether the decision is temporary, or permanent.

Musk has been pushed to the second spot on the Bloomberg Billionaires Index for a second time this month, but both he and Bezos have been trading places since January on the back of Tesla's fluctuating share price. Bloomberg now estimates Bezos' wealth at $186 billion, with Musk $3 billion behind him. 

Bezos occupied the top spot for