Jeff Bezos regains the world's richest title after Tesla stock drops over 2%

Last month, Musk surpassed Bezos after his net worth climbed to $188.5 billion following a rise in the shares of the electric carmaker

February 17, 2021 / 02:06 PM IST
Amazon CEO Jeff Bezos

Amazon CEO Jeff Bezos


Amazon Founder Jeff Bezos is once again the world's richest person after a 2.44 percent drop in Tesla stock cost Elon Musk $4.6 billion.

Following the correction in shares of Tesla, its maverick CEO dropped to the second position on the Bloomberg Billionaires Index, a ranking of the world's 500 wealthiest people. Consequently, Bezos, who has a net worth of $191.2 billion, returned as the world's richest man, a position he had long held.

Last month, Musk surpassed Bezos after his net worth climbed to $188.5 billion following a rise in the shares of the electric carmaker. The surge in Tesla stock took its market value to $700 billion in January, making it worth more than Toyota, Volkswagen, Hyundai, GM and Ford combined.

On February 16, shares of Tesla settled at $796.22, down 2.44 percent on Nasdaq. Year-to-date, the stock has up 12.83 percent. This is on the back of a 743 percent jump in 2020 which made Musk richer by about $150 billion.

The 49-year-old business magnate, who is known for making headlines, was in the news recently after he revealed the electric carmaker had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars. His comments sent bitcoin to all-time highs breaching the $50,000 mark for the first time.

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This wasn't the only time Musk's comment sent a digital currency shooting for the stars.  Musk frequently praised the meme-inspired Dogecoin in his tweets, even saying that he bought "some" for his son. He has even called it the "people's crypto".

On February 15, he tweeted there is "too much concentration" among major Dogecoin holders, and said he will support them if they sell most of their coins.

"If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo," Musk said.

In a subsequent tweet on February 15, Musk clarified that he will pay money if the major Dogecoin holders "void their accounts".
Moneycontrol News
first published: Feb 17, 2021 02:06 pm

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