Elon Musk, the CEO of Tesla and SpaceX, has been dethroned from his position as the world’s richest person, according to Forbes’ annual billionaires list. Musk, who held the top spot for almost a year, has been overtaken by Amazon CEO Jeff Bezos.
Bezos’ net worth now stands at $177 billion, while Musk’s net worth has fallen to $151 billion. Musk’s net worth dropped by $20.5 billion in just one day, the largest single-day drop in the history of the Forbes billionaires list.
The drop in Musk’s net worth is due to a decline in the value of Tesla’s stock, which has been on a rollercoaster ride in recent months. The stock had surged in value at the beginning of the year, making Musk the world’s richest person, but has since fallen due to concerns about the company’s growth prospects.
Despite the drop in his net worth, Musk remains the second-richest person in the world, ahead of Bernard Arnault, the CEO of luxury goods company LVMH, whose net worth is $150 billion.
Musk’s position on the Forbes billionaires list is a reflection of the extraordinary growth of his companies, Tesla and SpaceX, both of which have disrupted their respective industries. Tesla’s electric vehicles have revolutionized the automotive industry, while SpaceX has become the leading private space exploration company.
Musk’s success has made him a household name and a cultural icon, with his eccentric personality and bold ambitions capturing the public imagination. He has become known for his ambitious plans to colonize Mars, as well as his efforts to revolutionize transportation with the Hyperloop.