Elon Musk no longer the world’s richest man

Elon Musk no longer the world’s richest man

Elon Musk, CEO of electric car manufacturer Tesla and founder of SpaceX is no longer the world’s richest man, following an 8.6% drop in Tesla share price on Monday.

His fortune now stands at $183 billion according to the Bloomberg Billionaire index, just behind Jeff Bezos, the founder of Amazon at $186 billion.

According to the Bloomberg news agency, some of Musk’s weekend tweets would be the reason behind the sudden Tesla share drop.

Musk tweeted that the prices of Bitcoin and smaller rival Ether “do seem high.” This comes two weeks after Tesla announced it had purchased $1.5 billion in Bitcoin, triggering a 50% Bitcoin price jump.

Tesla’s shares saw a growth of nearly 490% in 2020. Musk who owns 20% of the shares has seen his fortune increase by over $100 billion the year.

Since the company went public in 2010, the stock has gone up more than 5000%. Tesla is now the world’s most valuable car manufacturer, with a market value of nearly 800 billion dollars.

The Brussels Times

Latest News

Copyright © 2021 The Brussels Times. All Rights Reserved.