Elon Musk Loses Title of Richest Person in The World, This Businessman Moves Ahead

Elon Musk, the chief of the big electric vehicle (EV) company Tesla and social media platform X, has lost the position of the world’s richest person. He has been overtaken by Jeff Bezos, the founder of e-commerce company Amazon. Bezos’ net worth is $200.3 billion and Musk’s is $197.7 billion.

This is the first time in almost three years that Bezos has topped the Bloomberg Billionaires Index. Musk’s wealth has declined due to a 7.2 percent drop in Tesla’s shares on Monday. There was once a difference of about $142 billion between Musk and Bezos’ wealth. The main reason for this is the difference between Tesla and Amazon The shares of Tesla are in the opposite direction. Amazon’s share price has more than doubled in the last year and a half. It is only slightly less than its high level. On the other hand, Tesla’s stock has fallen by about 50 percent from its high level about three years ago.

Tesla’s shipments from its Shanghai factory in China report weak initial data Tesla Tesla’s stock reached its lowest level in more than a year. A decision against Musk’s salary package of about $55 billion in a court case in the US may further reduce Musk’s wealth. Recently, Musk had said that if trade restrictions are not imposed on Chinese automobile companies, they can become a threat to global automobile companies. China’s BYD is giving tough competition to Tesla.

BYD, funded by famous investor Warren Buffett, became the largest EV selling company in the last quarter by overtaking Tesla on the basis of its low-priced electric cars. Tesla had reduced the prices of its electric cars last year, but despite this it lagged behind BYD in sales. This also had a big impact on Tesla’s margins. Musk said that if tariffs are not imposed on Chinese automobile companies, then they can achieve great success outside China. To compete with Chinese automobile companies, Tesla is preparing to launch a low-priced compact crossover. Manufacturing of this car can start in the second half of next year at the company’s Texas factory in the US.