https://africa.businessinsider.com/tech-insider/elon-musk-is-no-longer-the-worlds-richest-person-according-to-forbes-after-a-fall-in/1qzl83e

Elon Musk is no longer the world's richest person, according to Forbes, after a fall in Tesla stock wiped $13.5 billion from his fortune in a day


TODAY AT 11:30 AM | BUSINESS INSIDER USA


Tesla CEO Elon Musk has dropped on Forbes' rich list from first to second, behind Amazon's CEO Jeff Bezos, Forbes reported.

Tumbling shares in his electric vehicle company Tesla on Monday chopped $13.5 billion off his fortune, according to Forbes' calculations.

Bezos has regained the top spot with a fortune of $182.1 billion, per Forbes' estimates, compared to Musk's $176.2 billion

Musk takes a small salary from his companies, but has substantial stakes in Tesla and SpaceX.

After briefly topping Forbes' rich list , Elon Musk has now fallen back to second place behind Amazon's CEO Jeff Bezos, after tumbling shares in his electric vehicle company Tesla on Monday chopped $13.5 billion off his fortune.

Musk became the world's richest person on Thursday - a result of his fortune growing by more than $150 billion in a year.

But shares in Tesla fell nearly 8% on Monday, their largest one-day fall since late September. Based on estimates from Forbes , this pushed his total wealth down to $176.2 billion, compared to Bezos' $182.1 billion fortune.

Despite Musk's wealth loss, he still stands more than $20 billion above Bernard Arnault, the CEO of French luxury goods conglomerate LVMH and the world's third-richest person, per Forbes' estimates.

As of Tuesday morning, Musk still tops Bloomberg's Billionaires Index , where he has $194 billion compared to Bezos' $183 billion. Its calculations take into account Musk losing $15.6 billion from Monday to Tuesday.

Though Musk takes a small salary from his companies, he has a roughly 20% stake in Tesla and a 48% stake in aerospace company SpaceX, as well as 57 million vested Tesla stock options, per Bloomberg.

Tesla had a booming 2020, selling nearly 500,000 vehicles , and its stock price rocketed 740% over the year.

His compensation package also awards him stock when Tesla achieves certain goals. That made Musk the highest-paid executive in 2020.

Musk, who is also known for his opinionated and at times cryptic tweets, posted an understated response after Bloomberg declared him the world's richest person on Thursday.

"How strange," he tweeted. "Well, back to work..."

In December, he told Mathias Dpfner, the CEO of Insider's parent company Axel Springer, that he was selling all his possessions tofund a future colony on Mars .

He also sold several high-dollar pieces of property , including three neighboring homes in the Bel-Air neighborhood of Los Angeles.

Mynd44
Lalasticlala

Arrrrrrrh

Obviously he can't beat him. Jeff have been there for a long time.

This remains me when I was in secondary school, a private one. I often take second the day I beat the girl to take first I was so happy. The next term the girl gave me a knock eh !

Sha I told my self, Las Las I once carry first no regrets still.

Consistence and hard work define a man firmness . and that shows how strong Jeff is, despite he shift he still took his position.

change is constant

Elon my guy

Okay..

Money whose value can never be withdrawn from any bank.

Oh well...I'm sure he wasn't carried away by it in the first place.

Elon Ikechukwu Musk. Odogwu adigo committed.

Who know where I go dey if they rank reach my side

So now someone somewhere is a bit worried because he is no longer the richest in world.... When some people are not even in the top 30 richest in their family... You see life ehh? E no balance

Na so...

Elon Ikechukwu Musk. Odogwu adigo committed.