Elon Musk Loses Spot as World’s Richest Man as Tesla Shares Fall
Before January this year, Jeff Bezos had been the worlds richest man for three years running. Elon Musk took that spot from him in January after his electric car company, Tesla, surged in value to hit a $700bn market valuation.
Since then the battle for the top spot is looking like something straight out of Game of Thrones but without the violence and backstabbing. And in the latest episode, Musk has been ousted off the throne.
This comes after Tesla stock took an 8.6% dip chopping off Elon Musk’s wealth by $15.2bn (£10.8bn). The tech magnate is now valued at $183.4bn (£129bn) behind Bezos’ $186.3bn despite the Amazon CEO’s fortune also falling by $3.7bn (£2.6bn) on Monday.
The fall in Tesla shares is the sharpest one-day decline since September 2020 and was partly driven, unsurprisingly, by something Musk posted on Twitter.
Musk was responding to a tweet from Peter Schiff in which the stockbroker and financial commentator was questioning Musk’s endorsement of Bitcoin.