Elon Musk’s reign as the world’s richest individual was short.
Tesla Inc. shares slid 2.4% on Tuesday, erasing $4.6 billion from its chief executive officer’s fortune and knocking him from the leading spot on the Bloomberg Billionaires Index ranking.
Jeff Bezos, who’d held the title for more than 3 years till final month, reclaimed his No. 1 position with a net worth of $191.2 billion, or $955 million more than Musk.
Musk’s drop ends — for now — an pretty much six-week stint as world’s richest individual that saw him front and center in some of the largest market place events so far this year. He fanned the flames of the Reddit-driven GameStop Corp. rally and sent the shares of Etsy Inc., Shopify Inc., CD Projekt SA and Signal Advance Inc. soaring with boosterish tweets.
Recently he’s roiled the cost of Bitcoin and even Dogecoin, a lesser-recognized cryptocurrency that Musk spiked with a tweeted meme earlier this month. Bitcoin meanwhile blew previous $50,000 days right after Tesla revealed plans to hold $1.5 billion of the cryptocurrency on its balance sheet. Still, regardless of Musk’s seemingly continual social media presence, Tesla shares have slid pretty much 10% from a Jan. 26 peak.
It’s been an eventful stretch for Bezos as effectively. He resumes the mantle of world’s richest individual as he’s about to cede a title of his personal. Amazon.com Inc. announced this month that Bezos will down step as CEO of the e-commerce giant in the third quarter to concentrate on other projects. Bezos owns space exploration organization Blue Origin as effectively as the Washington Post and has accelerated his philanthropic providing in current years. Amazon shares have climbed 53% in the previous 12 months.
It could not be lengthy even though ahead of Musk leapfrogs Bezos after once more.
Musk’s SpaceX, a rival to Bezos’s Blue Origin, has been in talks to raise funds that would substantially raise its valuation. SpaceX completed the $850 million funding round final week at a $74 billion valuation, about 60% greater than its prior round, according to CNBC, which cited men and women familiar with the matter.
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