Elon Musk trails behind world richest person, loses $14b

Obinwannem News Elon Musk trails behind world richest person, loses $14b

The Telsa CEO Elon Musk has dropped to second place on Forbes list of rich billionaires, behind Amazon director Jeff Bezos.

Recall last Thursday, Musk was declared the world richest person. However, he fell back to the second position after Telsa shares fell almost 8% on Monday, losing $13.5 billion from his electric vehicle company.

Forbes estimated his wealth to decline to $176.2 billion compared with Bezos $182.1 billion fortune.

However, in 2020 Telsa stock price boomed with about $USD72 during the COVID-19 pandemic. Similarly, in January 2021, Telsa stock increased tremendously to $USD 729, with a percentage gain of 912.5%. This was due to Telsa innovation in building half a million cars in 2020.

This automatically increased Telsa stock index in the last 18 months, and rated it as the most valuable automaker in the world. His brand of cars ranges from Toyota, Volkswagen, daimer, GM, BMW,Honda, Hyundai and Ford.

As of Tuesday, Forbes rated him the second richest person trailing behind Jeff Bezos as his networth is still $20 billion above Bernard Arnaulth, the CEO of the French Luxury goods conglomerate, the third rich person in the world.

Ijeoma Njoku reporting, Obinwannem News