Elon Musk’s reign as the richest person in the world was short.
Tesla Inc. shares were down 2.4% Tuesday, erasing $ 4.6 billion from its chief executive officer and knocking him off the top spot in the Bloomberg Billionaires index ranking.
Jeff Bezos, who held the title for more than three years to last month, regained his number 1 position with a net worth of $ 191.2 billion, or $ 955 million more than Musk.
Musk’s Drop ends with nearly six weeks as the world‘s richest person for the time being, taking center stage in some of the biggest market events of the year. He lit the flames of the Reddit-powered GameStop Corp. rally and sent the stocks of Etsy Inc., Shopify Inc., CD Projekt SA and Signal Advance Inc. soaring with booster tweets.
He recently messed up the price of Bitcoin and even Dogecoin, a lesser-known cryptocurrency that Musk tweeted with a meme earlier this month. Bitcoin has now surpassed $ 50,000 after Tesla announced plans to keep $ 1.5 billion of the cryptocurrency on its balance sheet. Despite Musk’s seemingly constant social media presence, Tesla shares are down nearly 10% from their January 26 high.
It was an eventful route for Bezos too. He takes on the mantle of the richest person in the world again when he wants to give up his own title. Amazon.com Inc. announced this month that Bezos will step down as CEO of the e-commerce giant in the third quarter to focus on other projects. Bezos owns the space exploration company Blue Origin as well as the Washington Post and has sped up his philanthropic giving in recent years. Amazon stock is up 53% in the past 12 months.
However, it might not be long before Musk Bezos skips again.
Musk’s SpaceX, a rival to Bezos’ Blue Origin, was in talks to raise funds that would significantly increase its rating. According to CNBC, SpaceX closed the $ 850 million round of funding last week valued at $ 74 billion, up about 60% from the previous round.
(Except for the headline, this story was not edited by GossipMantri staff and published from a syndicated feed.)