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Elon Musk loses world's richest title as Tesla falters

February 24, 2021 11:29 am
A surge in Tesla shares first made Elon Musk the world's richest man in January. [Source: BBC]

Tesla boss Elon Musk has lost his title as the world’s richest person after a recent slide in the electric carmaker’s shares, the main driver of his wealth.

Tesla shares have tumbled more than 20% since hitting a high of more than $880 in early January.

They suffered especially steep falls this week, tied to the firm’s recent risky $1.5bn (£1bn) investment in Bitcoin.

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The drop returned Amazon boss Jeff Bezos to the top spot on the rich list.

The risk of being associated with the notoriously volatile Bitcoin – which has fallen sharply in recent days – may have prompted some Tesla investors to sell their shares, even if the firm has not been hurt by the declines, Wedbush Securities analyst Dan Ives said.

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