Musk Slips From World’s Richest Man; $15 Billion

Elon Musk is famous for his non-sensical tweets in the past. He has gotten into trouble due to this in the past as well.  Tesla Inc. shares slid 8.6% on Monday, wiping $15.2 billion from his current net worth.  Making Musk lose the tag of World’s Richest Man.

This decline in Tesla’s since September was embarked on by Elon’s tweet about the prices. He tweeted about the price of Bitcoin and its other competitor “do seem high”. This tweet became contradictory to the other tweet he made regarding the investment of Tesla in Bitcoin for $1.5 Billion. The cryptocurrency which has always seen its high, fallen down below $50,000 on Tuesday.

Musk drop on the second number on the Bloomberg Billionaires Index of the world’s 500 richest. His now net worth is $183.4 Billion down from $210 Billion in the month of January. Amazon.com Inc. founder Jeff Bezos reclaimed the top spot even as his fortune fell by $3.7 billion to $186.3 billion Monday.

Jeff vs Elon: Who is currently World’s Richest Man?

The two billionaires have been swapping places since January as the value of Tesla fluctuated. The stock surged as much as 25% to start 2021 before wiping off almost all of this year’s gain. Musk briefly overtook Bezos after his rocket company SpaceX raised $850 million earlier this month, valuing the company at $74 billion, a 60% jump from August.

Bezos occupied the world’s richest man for three straight years prior to January, when Musk eclipsed the e-commerce titan thanks to a 794% rally in Tesla shares.

The market selloff on Monday hit many of the world’s ultra-rich. Zhong Shanshan, Asia’s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by $5.1 billion as his bottled-water company fell 4.5%. Colin Huang of Pinduoduo Inc., Reliance Industries Ltd.’s Mukesh Ambani, and Tencent Holdings Ltd.’s Pony Ma all lost more than $2.5 billion each.

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: