As Tesla shares plunge, Elon Musk's wealth falls $20.3 billion

Tesla CEO Elon Musk's wealth plunged $20.3 billion on Thursday as Tesla's shares tumbled. The shares took a hit, after Musk announced cutting the prices of its electric vehicles. Elon Musk's wealth is now valued at $234.4 billion.

With this slump, the wealth gap between the world's two richest people has narrowed. Now, Musk's fortune exceeds Bernard Arnault by about $33 billion. Musk and Arnault has been neck and neck for the top position in the Bloomberg Billionaires Index. Earlier in June, Musk pushed Bernard to the second position and became the world's richest person.

Meanwhile, U.S technology billionaires including Jeff Bezos, Larry Ellison, Mark Zuckerberg, Steve Balmer, Larry Page and Sergey Brin too collectively lost $20.8 billion in net-worth as the tech-heavy Nasdaq 100 fell 2.3%.

Musk's wealth is primarily derived from his stake in the EV manufacturer, Space Exploration Technologies and Twitter. His wealth had increased about $118 billion this year through Wednesday, as shares of Tesla climbed 136%.