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Musk lost his title as the richest man in the world

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Elon Musk is not the richest after shares of his company Tesla fell 7% on March 4.

American entrepreneur and founder of Tesla and SpaceX Elon Musk lost the title of the richest man in the world to Amazon founder Jeff Bezos. Bloomberg reported this.

Musk is now worth $197.7 billion, while Bezos is worth $200.3 billion. The Amazon founder last held the title of Bloomberg’s richest person in 2021.

The wealth gap between Musk and Bezos, once as high as $142 billion, has narrowed as Amazon shares have more than doubled since the end of 2022 and Tesla shares have fallen about 50% since at their highest in 2021.

On Monday, March 4, Tesla shares fell 7%. This comes after the announcement of a reduction in the supply of electric vehicles in China to the lowest level from December 2022. Since the beginning of this year, Musk has lost $31.3 billion.

The third place in the list of the richest people in the world is occupied by the owner of the French luxury goods manufacturer LVMH (LVMH Moet Hennessy – Louis Vuitton), Bernard Arnault. His fortune is $197 billion.

Let’s recall that the court in the state of Delaware in the United States initially annulled an agreement to pay Musk a fee of $55.8 billion following a claim by one of Tesla’s shareholders.

The US Department of Transportation fined Musk’s company Neuralink for violating regulations on the movement of hazardous materials.

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Source: korrespondent

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