The wealth of Tesla Inc. Chief Executive Officer (CEO) Elon Musk has declined by about $ 8 billion this year, as shares of the electric vehicle maker registered the longest streak of weekly losses in three. years.

According to the Bloomberg Billionaires Index, which is a daily ranking of the richest people in the world, Musk’s wealth as of May 22, 2021 was $ 162 billion, down from $ 8.09 billion (-4, 8%) since the beginning of the year. Earlier this week, Musk lost his place as the second richest person in the world to LVMH chairman Bernard Arnault.

Tesla Inc. shares took a dark step, falling for a fifth straight week. The stock closed 1.5% lower for the week, at $ 580.88. This is the longest streak of weekly losses for Elon Musk’s electric vehicle (EV) company since March 2018, coming as investors began to avoid riskier stocks amid growing concerns about the inflation and its impact on the US economy, as well as strong surges of Covid -19 infections in some countries.

The US electric car company’s sales in China declined in April compared with March, according to figures released by the China Passenger Car Association. Shares of the electric vehicle maker were on top of last week’s drop amid a global rout in tech stocks and further signs of trouble in its China business. Despite record first-quarter earnings, shares of the California-based company have since fallen by about a fifth amid a global semiconductor shortage and growing competition from traditional automakers.

Musk, 49, became the richest person in the world in January after Tesla shares jumped nearly 750% last year amid an expansion in tech-focused stocks.

(With contributions from agencies)

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