Tesla founder Elon Musk has been pushed down to third place in world’s richest ranking after shares in the carmaker tumbled. The plunge came after the billionaire sent the bitcoin market into panic with a single tweet.

Musk, who as recently as March climbed to the coveted top spot in the Bloomberg Billionaires Index before being edged out by Amazon’s Jeff Bezos, lost his runner-up position to Bernard Arnaut, chairman of world’s largest luxury goods conglomerate LVMH on Monday, the Bloomberg reported.

The drop in Musk’s fortune, which is now estimated at $160.6 billion, some 24% lower since January, is believed to be driven by the lukewarm performance of Tesla’s stock, which fell by 2.1 percent on Monday to $576.83 – a far cry from the all-time high of $883.09 in January. (RT)