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

Elon Musk, 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 left behind by Jeff Bezos, the founder of e-commerce company Amazon. Bezos’s 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 achieved the first position in the Bloomberg Billionaires Index. Musk’s wealth has declined due to the fall of about 7.2 percent in Tesla shares on Monday. There was once a difference of about $142 billion between the wealth of Musk and Bezos. The main reason for this is Tesla and Amazon The shares are to be in the opposite direction. Amazon’s share price has more than doubled in the last one and a half year. It is slightly less than its high level. Tesla’s stock, on the other hand, is down nearly 50 percent from its high nearly three years ago.

Tesla shares fell to their lowest in more than a year after weak preliminary data on shipments from its factory in Shanghai, China. In a court case in America, Musk’s wealth may further decrease due to the decision against Musk’s salary package of about $ 55 billion. Recently Musk had said that if trade related 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 seller in the last quarter, overtaking Tesla on the basis of its low-priced electric cars. Tesla had cut 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, they can achieve great success outside China. Tesla is preparing to launch a low-priced compact crossover to compete with Chinese automobile companies. Manufacturing of this car can start in the second half of next year at the company’s Texas factory in America.