Amazon founder, Jeff Bezos has reclaimed the title of world’s richest man after Tesla shares dropped on Tuesday.
Tesla shares slid 2.4%, erasing $4.6 billion from Elon Musk’s fortune. The drop allowed Bezos to overtake him on the Bloomberg Billionaires Index ranking.
The Amazon founder now has $955 million more than Mr Musk, making him the richest man alive.
Jeff Bezos now has a net worth of $191.2 billion after Amazon shares climbed 53% in the past 12 months.
Elon Musk’s brief reign at the top
Jeff first became the world’s richest man in 2017 after displacing Bill Gate. However, the billionaire lost the spot to Tesla and SpaceX entrepreneur, Elon Musk in January.
Elon at the time pushed into the top slot after Tesla’s share price hit a market value of $700bn (£516bn) for the first time. This pushed his net worth to over $185bn (£136bn).
However, Musk’s recent slip which comes about a week after his company invested about $1.5 billion into Bitcoin has ended his almost six week stint as world’s richest person.
Elon may reclaim the crown, soon
Despite the slip in Tesla share, Elon may soon leapfrog Bezos once again. The SpaceX boss has been in talks to raise funds that would significantly increase the valuation of his space company.
SpaceX completed an $850 million funding round last week at a $74 billion valuation
Also, his automobile company, Tesla revealed plans to hold $1.5 billion worth of cryptocurrency on its balance sheet. This followed a rally that has pushed Bitcoin price past $50,000.
If Bitcoin price keeps rising it could add more valuation to the already booming company.
Mr Musk has recently been promoting the use of cryptocurrency. He has positively agitated the price of Bitcoin and even Dogecoin, a lesser-known cryptocurrency with several tweets within the last month.
Bezos, on the other hand, is planning to cede the title of Amazon CEO even as he reassumes the mantle of world’s richest person.
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