BusinessInternational News

Elon Musk falls to second richest person in the world after his fortune falls by $14bn

0
Musk

Elon Musk’s position as the wealthiest person in the world was short-lived after his fortune fell by nearly $14 billion in one day.

The Tesla billionaire is now the second-richest person in the world.

Shares of his electric-vehicle maker, Tesla, fell by nearly 8% on Monday, January 11 and this pushed Musk’s fortune down to US$176.2 billion.

After briefly overtaking Amazon CEO Jeff Bezos as the world’s richest person last Friday, January 8, Musk has again fallen to the second spot, according to Forbes estimates.

He is now about $6 billion behind Bezos, who has a net worth of $182.1 billion.

Over the course of 2020, Musk received several tranches of options worth billions of dollars each as Tesla hit various market capitalization and EBITDA milestones. The board of directors of Tesla certifies the award of each tranche and then issues a statement in a regulatory filing with the Securities and Exchange Commission.

Fueled by the skyrocketing Tesla share price, Musk’s fortune has increased by around $150 billion since March 2020, when he was worth $24.6 billion. Tesla’s stock rose more than 720% in 2020 and has already gained another 12% in the first week of 2021.

Tesla joined the S&P 500 Index in late December 2020, a move that drove the stock higher as well. The world’s most valuable automaker, Tesla produced half a million cars in 2020, a fraction of the production at global giants like GM and Toyota.

Despite Musk’s drop on Monday, he is still some $20 billion richer than the third richest person in the world, French luxury tycoon Bernard Arnault who is worth $154.6 billion today.

Update: Abducted Ibadan farmer, Wole Agboola killed after N1.65m ransom was paid

Previous article

Ex-AGF, Adoke, recovers from COVID-19 in UAE ― Lawyer

Next article

You may also like

Comments

Leave a Reply

More in Business