Falls behind Jeff Bezos to become the world's second richest man after Tesla stock plunges
March 8, 20210 2 minutes read

After vying for months with Jeff Bezos for the title of world’s richest man and topping the Amazon CEO as recently as last week, Musk is now firmly in the No. 2 spot and $20 billion behind Bezos.

It follows a rapid selloff in the tech sector, with Tesla shares hit harder than most and falling nearly a third from their all-time peak in January.

It comes after Tesla shares soared more than 700 percent in 2020, triggering billions in additional compensation for Musk per the terms of his stock-based payment package.

Analysts have long warned of a bubble in the tech sector, fueled in part by an influx of cash from small investors, with Tesla shares singled out as potentially overvalued.

Tech shares soared more than the rest of the market for much of the pandemic, as well as in the years preceding it.

But on Friday, Tesla was the heaviest weight dragging on the S&P 500. The stock fell 3.8 per
Source: https://microsecondnews.com/index.php/2021/03/08/elon-musk-loses-27-billion-in-just-one-week/

Mad o.