Elon Musk Falls To The Second Richest Person In The World, Down Almost $14 billion In One Day

Elon Musk Falls To The Second Richest Person In The World
Elon Musk Falls To Second Richest Person In The World. Photo Credit: Getty Image

Tesla billionaire Elon Musk is again the second-richest person in the world after his fortune dropped by almost $14 billion in one day, after a short stint as the wealthiest person on the planet.

The founder of Tesla and SpaceX only held the position for a few days before slipping back to the world’s second-richest person after losing nearly $14 billion in a single day.

It was only last week that Elon Musk made headlines as he dethroned Jeff Bezos as the richest person in the world, a Bezos title that has been held since 2017.

But it seems to have been a short-lived title for Musk, as Forbes reports his immediate falls back to second after just a couple of days.

On Monday, shares of his electric-vehicle manufacturer, Tesla, dropped by almost 8 percent, bringing down Musk’s net worth by $13.5 billion, to $176.2 billion.

Musk has again sunk to second place, according to Forbes’ figures, despite momentarily overtaking Amazon CEO Jeff Bezos as the world’s richest individual last Friday.

Bezos, who has a net worth of $182.1 billion, is only only $6 billion behind him. On Monday, Amazon’s stock dropped by more than 2 percent, cutting the net value of Bezos by $3.6 billion.

Musk’s wealth has risen by around $150 billion, fueled by the skyrocketing Tesla share price, after March 2020, when it was worth $24.6 billion.

In 2020, Tesla’s stock rose by more than 720 percent, and in the first week of 2021 it had already added another 12 percent.

In late December 2020, Tesla entered the S&P 500 index, a move that also led the stock higher. Tesla, the most valuable car manufacturer in the world, manufactured half a million cars in 2020, a fraction of the production of multinational giants such as GM and Toyota.

Elon Musk is already about $20 billion richer than the third richest person in the world, French luxury tycoon Bernard Arnault, despite Musk’s decline on Monday.

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Nasiru Eneji Abdulrasheed Is a Forsige breaking news reporter and editor, covering Europe, Africa, and the U.S. from Abuja.

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