Musk Dethroned As World's Richest Person After Two-Day Tesla Spill

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by Tyler Durden
Tuesday, Mar 05, 2024 - 08:50 PM

A series of headlines from China and Germany sent Tesla shares in New York down 11% in March, evaporating about $76 billion in market capitalization. This downturn has resulted in the company's founder and CEO, Elon Musk, losing the title of the world's richest person. 

From a slowdown in vehicle shipments at Gigafactory Shanghai to a production halt on Tuesday at the Gigafactory near Berlin due to a far-left 'eco-terrorist' attack on Germany's power grid, shares in the automaker have stumbled, down 7.2% on Monday and another 5.6% on Tuesday. 

Since Musk derives much of his wealth from the auto company, Bloomberg data shows that the three-month decline in shares has wiped out $40.5 billion in the billionaire's wealth. 

According to Bloomberg, the decline in shares recently dethroned Musk as the world's richest person, losing that title to Amazon founder Jeff Bezos, who has gained $23.4 billion in wealth year-to-date, for a total of about $200.3 billion. 

The question remains: What will Musk do to reclaim the title from the bald billionaire whose rocket program is subpar compared with SpaceX?