Elon Musk no longer world’s richest person as Tesla stock value plummets

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Tesla CEO Elon Musk has fallen down the rankings of the world's richest people and is now in third place, behind Amazon's Jeff Bezos and Luis Vuitton's Bernard Arnault.

In January this year Musk rose to the top of the global wealth rankings as his net worth climbed to an astonishing £136 billion.

His time on top was short-lived, however, with departing Amazon CEO Jeff Bezos reclaiming the top spot just a month later after his $191.2 billion fortune overtook SpaceX founder's then $173.4 billion net worth.

Musk has seen his stock fall and he now has a fortune of $160.6 billion, down 24% from its January high, according to the Bloomberg Billionaires Index.

His company Tesla has taken a hit in its stock value by 2.2% on top of last week's 15% slump. It's consistent with the global rout in technology stocks, but may also have been a result of Musk announcing Tesla will no longer accept Bitcoin payments.

On Monday, Musk moved behind LVMH Chairman and French luxury goods magnate Bernard Arnault as the electric vehicle-maker's shares fell 2.2%.

Musk's fortune has dropped about $9.1 billion (£6.41billion) this year, the most among U.S.-based billionaires tracked by Bloomberg's wealth index.

Meanwhile, Arnault, 72, has added the most, with his net worth climbing by almost $47 billion (£33.1billion) to $161.2 billion as sales of his firm's luxury goods surge in China and other parts of Asia.

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Musk has seen his wealth increase hugely since the start of 2020 – when he was worth around $27 billion (around £20 billion).

At this point, he was only just within the top 50 wealthiest people in the world.

Tesla's share price during this period has increased exponentially adding more than $150 billion (around £110 billion) to his net worth.

About three-quarters of his net worth is comprised of Tesla shares.

It comes following the news that Jeff Bezos will step down as the CEO of Amazon.

He founded the firm more than 25 years ago, but Amazon Web Services chief Andy Jassy will be taking over the role.

Bezos, who has been CEO of Amazon since he founded it as an online bookseller in 1995, will become executive chairman during the summer.

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Bezos said the role of executive chairman will allow him to "focus my energies and attention on new products and early initiatives".

He said it will also give him the "time and energy I need to focus on" other initiatives.

In an email to Amazon’s 1.3million employees, he said: "I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organisations can have.

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"Amazon couldn’t be better positioned for the future. We are firing on all cylinders, just as the world needs us to.

"We have things in the pipeline that will continue to astonish."

He added the firm is “widely recognised as one of the most successful companies in the world”.

He wrote: “How did that happen? Invention. Invention is the root of our success.

“We’ve done crazy things together, and then made them normal."

  • Amazon
  • Spacex
  • Elon Musk
  • Net Worth

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