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Jeff Bezos reclaims title of world’s richest after Elon Musk slips

Jeff Bezos, who’d held the title for greater than three years till final month, reclaimed his No. 1 place with a internet value of $191.2 billion, or $955 million greater than Musk.

Bloomberg

PUBLISHED ON FEB 17, 2021 03:50 AM IST

Elon Musk’s reign because the the world’s richest particular person was transient.

Tesla Inc. shares slid 2.4% on Tuesday, erasing $4.6 billion from its chief govt officer’s fortune and knocking him from the highest spot on the Bloomberg Billionaires Index rating.

Jeff Bezos, who’d held the title for greater than three years till final month, reclaimed his No. 1 place with a internet value of $191.2 billion, or $955 million greater than Musk.

Musk’s drop ends — for now — an nearly six-week stint as world’s richest individual that noticed him entrance and heart in among the largest market occasions to this point this yr. He fanned the flames of the Reddit-driven GameStop Corp. rally and despatched the shares of Etsy Inc., Shopify Inc., CD Projekt SA and Sign Advance Inc. hovering with boosterish tweets.

Not too long ago he’s roiled the value of Bitcoin and even Dogecoin, a lesser-known cryptocurrency that Musk spiked with a tweeted meme earlier this month. Bitcoin in the meantime blew previous $50,000 days after Tesla revealed plans to carry $1.5 billion of the cryptocurrency on its stability sheet. Nonetheless, regardless of Musk’s seemingly fixed social media presence, Tesla shares have slid nearly 10% from a Jan. 26 peak.

It’s been an eventful stretch for Bezos as properly. He resumes the mantle of world’s richest particular person as he’s about to cede a title of his personal. Amazon.com Inc. introduced this month that Bezos will down step as CEO of the e-commerce large within the third quarter to deal with different initiatives. Bezos owns house exploration firm Blue Origin in addition to the Washington Publish and has accelerated his philanthropic giving in recent times. Amazon shares have climbed 53% previously 12 months.

It is probably not lengthy although earlier than Musk leapfrogs Bezos as soon as once more. Musk’s SpaceX, a rival to Bezos’s Blue Origin, is in talks to boost funds at a valuation as excessive as $92 billion, double its present worth.

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