Elon Musk slid from the top spot on Bloomberg Billionaires Index ranking as Tesla Inc. shares go down by 2.4%, erasing $4.6 billion from Musk’s net worth.
Jeff Bezos reclaimed his title of ‘the world’s richest’ that he held for over three years with a whopping $191.2 billion, $955 million more than Musk. Amazon’s shares have gained over 53% in the past 12 months.
Musk was declared the richest person in January with a net worth of more than $185 billion. He escalated the shares prices of GameStop Corp and of Etsy Inc., Shopify Inc., CD Projekt SA and Signal Advance Inc. with his tempestuous tweets. Musk’s social media presence spiked shares of Bitcoin and even Dogecoin.
Musk can soon jump back to his position on the top as SpaceX, a rival to Bezos’s Blue Origin, is planning to raise funds high as $92 billion, which is two times its current value.