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Bernard Arnault has surpassed Elon Musk as the world's second richest man as Tesla shares fall.

Elon Musk, the CEO of Tesla is no longer the world's second-richest human according to the latest ranking on the Bloomberg Billionaires Index.  After Tesla's stock dropped 2.2 percent, Musk lost second place to LVMH Chairman Bernard Arnault.

After a global sell-off in technology stocks in recent weeks, Tesla shares have plummeted. Musk's fortune has shrunk to $160.6 billion, down at least 24% from its January peak, according to the Bloomberg Billionaires Index.

Elon Musk's net worth could plummet even further following his recent comment, which caused a nearly 17% drop in Bitcoin, the world's most famous cryptocurrency. Tesla will no longer consider bitcoin as payment, according to Musk.

Following up on his initial statement, Tesla's Bitcoin assets may or may not be sold, according to Elon Musk, who hinted in another tweet over the weekend. He later clarified on Monday that the organisation had not done so.

It could be the start of a tumultuous time for the 49-year-old, who became the world's wealthiest individual in January after Tesla's stock rose nearly 750 percent in response to a recent rise in technology-driven stocks.

Although Tesla made a profit in the first quarter, its stock has dropped by about a fifth since then, according to Bloomberg, due to a global semiconductor shortage and increased competition from traditional automakers.

Musk's wealth has plummeted by more than $9 billion this year, the most among the US-based billionaires tracked by the Bloomberg Billionaires Index.

Meanwhile, Bernard Arnault, who has overtaken Tesla CEO Elon Musk, has increased his net worth the most. As sales of his company's luxury goods soared in China and other parts of Asia, the 72-year-net old's worth increased from $47 billion to $161.2 billion.