Earlier last month, Musk became the world's richest person, after his net worth crossed $185 billion as Tesla's share price increased. He took the top spot from Bezos, who had held it since 2017.
Tesla’s shares slipped 2.4% on Tuesday, wiping $ 4.6 billion from its CEO’s fortune and knocking him off the top spot on the Bloomberg Billionaires Index.
Amazon CEO Jeff Bezos speaks at the Air Force Association’s
Air, Space & Cyber Conference.
Amazon Founder and CEO Jeff Bezos listens during a
discussion at the Air Force Association’s Air, Space and Cyber Conference in
National Harbor, Maryland, United States, Wednesday, September 19, 2018. Amazon
envisions a plan to open as as many as 3,000 new AmazonGo cashless stores over
the next few years, according to people familiar with the matter, an aggressive
and costly expansion that would threaten convenience store chains.
Jeff Bezos, who held the title for more than three years
until last month, reclaimed his No.1 position with a net worth of $ 191.2
billion, or $ 955 million more than Musk.
Musk’s downfall ends – for now – a nearly six-week stint as
the richest person in the world who has seen him front and center in some of
the biggest market events so far this year. It fanned the flames of the
Reddit-led GameStop rally and sent Etsy, Shopify, CD Projekt, and Signal
Advance stocks to explode with boosterish tweets.
Recently, it has spiked the price of Bitcoin and even
Dogecoin, a lesser-known cryptocurrency that Musk spiked with a meme tweeted
earlier this month. Bitcoin meanwhile surpassed $ 50,000 days after Tesla
revealed plans to keep $ 1.5 billion of cryptocurrency on its balance sheet. Yet
despite Musk’s seemingly constant social media presence, Tesla’s shares have
slipped almost 10% from the Jan. 26 high.
It has been an eventful time for Bezos as well. He takes
over the role of the richest person in the world as he is on the verge of
relinquishing his own title. Amazon 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 space exploration company Blue Origin as well as the
Washington Post and has stepped up his philanthropic giving in recent years.
Amazon shares have climbed 53% in the past 12 months.
It might not be long before Musk knocks Bezos down again.
Musk’s SpaceX, a rival of Bezos’ Blue Origin, is in talks to
raise funds that would dramatically increase its valuation. SpaceX completed
the $ 850 million funding round last week at a valuation of $ 74 billion,
roughly 60% more than its previous cycle, according to TBEN, which cited people
close to the matter.
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