The electric automaker’s shares slipped 2.4 per cent, erasing $4.6 billion from its CEO’s fortune and removing him from the top spot of the Index.
(Photo: AFP)
Amazon Founder Jeff Bezos has regained his position as world’s richest person on the Bloomberg Billionaires Index ranking after Tesla shares plunged, resulting in a slight erosion in Elon Musk’s wealth.
On Tuesday, the electric automaker’s shares slipped 2.4 per cent, erasing $4.6 billion from its CEO’s fortune and removing him from the top spot of the Index.
Bezos returned as the world’s richest man with a net worth of $191.2 billion.
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Last month, Musk became the world’s richest person, as his net worth crossed $185 billion after Tesla’s share price increased. He took the top spot from Bezos, who had held it since 2017.
Tesla has surged in value this year, and hit a market value of $700 billion last month, making the electric car maker worth more than Toyota, Volkswagen, Hyundai, GM and Ford combined.
Musk’s net worth increased by more than $150 billion and Tesla’s share price surged a massive 743 per cent last year.
Tesla last week announced it has invested $1.5 billion in the Bitcoin cryptocurrency. The announcement led to a surge in the price of one Bitcoin, that has even surpassed $50,000 per coin.
In its announcement, Tesla had said that it will also “begin accepting Bitcoin as a form of payment for our products in the near future.”
Prior to this, Musk led to a surge in Dogecoin prices with his tweet earlier this month.
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