Tesla CEO Elon Musk last year set records for one of the fastest climbs of wealth accumulation in history. The turn is back, and it’s steep.
Tesla Inc. chief executive lost. $ 27 billion since Monday when shares of the automaker fell in tech stock sales. Its net worth of $ 156.9 billion still puts it No. 2 on the Bloomberg Billionaires Index, but it is now nearly $ 20 billion behind Jeff Bezos, who made it just last week as the richest in the world.
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Musk’s dive only shows how fast it is hard to climb. Tesla shares rose 743% in 2020, raising the value of its stake and unlocking billions of dollars in options through its historic “moonshot” compensation package.
Accelerate its gains into the new year. In January, he portrayed Bezos as the richest man in the world. Musk’s fortunes peaked later that month at $ 210 billion, according to the index, a ranking of the 500 richest people in the world.
Steady quarterly profits, when President Joe Biden was elected with the adoption of clean technologies and commitment from retail investors contributed to the company’s rise, but for some, the valuation was inflated as a symbol of unsustainable freezing in technology. The Nasdaq Index fell 100 for the third straight week on Friday, the longest climbing decline since September.
Bitcoin Deposit
Musk’s fortunes had not been controlled solely by the forces in the tech industry. Its net worth has gone up and down recently in conjunction with the price of Bitcoin. Tesla revealed last month that it had added $ 1.5 billion of the cryptocurrency to its balance sheet. Musk’s fortune was hit $ 15 billion two weeks later when he thought on twitter that the prices of Bitcoin and other cryptocurrencies “look high. “
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Extreme volatility has affected many of the world’s greatest fortunes this year. Asia’s richest man, bottled water tycoon Zhong Shanshan handed out the title to Indian billionaire Mukesh Ambani last month, after losing more than $ 22 billion in a matter of days .
Quicken Loans Inc. Chairman Dan Gilbert’s net worth rose $ 25 billion Monday after its mortgage lender Rocket Cos. To say that the next target of day traders is Reddit. His fortune has dropped nearly $ 24 billion. Co-founders of Alphabet Inc. Sergey Brin and Larry Page are among the biggest winners on the index this year. Each of them has contributed more than $ 13 billion to their fortunes since January 1st.
This story was published from a wire group group with no text changes. Only the headline has changed.