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Elon Musk retains status of world’s richest man for one week

Elon Musk retains status of world’s richest man for one week

CEO of Tesla and SpaceX Elon Musk has not enjoyed the status of the world’s richest person for long. The genius entrepreneur and engineer of electric cars lost $15 billion in mere one trading day, thus leaving the top rank in Forbes’ rating. A nearly 9% slump in Tesla’s stock slashed Elon Musk’s fortune to $183 billion.

The market operates under the simple and tough rule. If a company incurs losses, its owner loses wealth. Meanwhile, Amazon founder Jeff Bezos has regained the top spot on Forbes’ list. Experts think that Elon Musk’s comments on overvalued popular cryptocurrencies account for a crash in Tesla stock. The billionaire tweeted that bitcoin prices “seem high” after the number one cryptocurrency had topped a major milestone of $50,000 on the previous day. Ethereum, the second-popular cryptocurrency, also hit record highs. “Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error,” crypto proponent Musk surprised market participants.

The hi-tech mogul was introduced by Forbes as the new richest man in the world on February 19, when his net worth expanded to $199.9 billion. A week later, he gave in to Jeff Bezos.      

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