Tesla boss Elon Musk’s six-week stint as the world’s richest person came to a halt as shares of his company slipped 2.6% on Tuesday. The throne was regained by Amazon chief Jeff Bezos. Tesla’s share price ended the day at $796 per share, erasing $4.58 billion from Elon Musk’s fortune, according to the Bloomberg Billionaires Index. Tesla’s shares have plummeted nearly 10% since the first week of January. On the other hand, Jeff Bezos’ Amazon has seen its stock price gain 5% during the same period.
Elon Musk’s net worth now stands at $190 billion while that of Jeff Bezos is at $191 billion. The de-throning of Musk was much to do with the fall of Tesla’s share price and less with Amazon’s movement, which itself ended 0.27% lower after Tuesday’s trade.
During his reign as the World’s richest man, Elon Musk was seen fanning the crypto craze with his love for memes on Twitter. Musk has propelled the price of a lesser-know crypto-currency called Dogecoin. With his tweets, Musk is credited by many for giving Dogecoin price the nudge, helping it reach 0.087159 cent. Apart from this, Elon Musk also took an active part in the WallStreetbets saga earlier this year.
The Tesla and SpaceX boss, along with other prominent investors, was seen cheering for the retail investors as they took on Wall Street bigwigs while pushing the price of stocks such as GameStop higher each day. Apart from GameStop, other so-called ‘meme stocks’ that have zoomed since Elon Musk came into the frame include the likes of AMC Entertainment, Naked Brand, Koss, and Nokia among others. The most recent development that has come from Elon Musk’s corner is that Tesla would invest $1.5 million in crypto-currency Bitcoin and would soon start accepting payments in Bitcoin. Tesla follows the NASDAQ listed Microstrategy as it plans to hold Bitcoin on its balance sheet. Bitcoin’s price breached $50,000 on Tuesday.
Amazon’s Jeff Bezos has added $884 million to his wealth year-to-date, while Elon Musk has added a massive $20.5 billion. Following them on the rich list is Bill Gates with a net worth of $137 billion, French billionaire Bernard Arnault with $116 billion, and Mark Zuckerberg with his $104 billion net worth.