After reaching a pinnacle of four days ago, Elon Musk has dropped to second richest man in the world.
Reported by the international business publication, Forbes, Jeff Bezos has reclaimed his 2017 top position in the world, after shares of Tesla dropped by nearly 8 per cent on Monday
On Thursday, Musk’s wealth increased to $194.8 billion, $9.5 billion more than Bezos’ wealth, making him the world’s richest man as the shares of electric car company Tesla Inc. went up 7.9 per cent.
Tesla Inc. following the surge, hit a market value of $700 billion. Taking this figure into consideration, this valuation is more than valuations of Toyota, Volkswagen, Hyundai, GM and Ford combined together.
Compared to the likes of Toyota, although the company only made its first annual profit, Tesla’s share price has increased more than seven-fold in the past year.
However, on Monday, Musk lost a massive $13.5 billion in one day as Tesla Inc’s shares fell nearly 8 per cent. According to Forbes, Jeff Bezos has a net worth of $182.1 billion making Musk $6 billion behind.
He has seen his fortunes increase over the past year. Amazon benefited from stronger demand for both its online store and cloud computing services due to the coronavirus pandemic.
However, Bezos’ ex-wife MacKenzie Scott received a 4% stake in the business after they split, which helped Musk to overtake him, briefly. The regulation threat has said that Amazon’s stock has not increased as high as it might have been anticipated to be.
