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Musk slips to second on rich list as Tesla shares dive

The highly publicised South African has slipped to the depths of second place on the billionaire's rich list - but should his investments worry Tesla fans?

By Tom Gibson
Feb 25, 2021
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Tesla boss Elon Musk is no longer the world's richest person after shares in his car company fell by almost 9% this week leaving him, on paper at least, around £10bn worse off. 

The highly talked about South African has once again slotted in behind Amazon found, Jeff Bezos, as the second richest person in the world on Bloomberg's Billionaires Index with a reported net worth of around £129bn - still not too shabby, hey? 

Musk and Bezos have been trading places since the beginning of the year, with the Tesla founder briefly overtaking his Amazon counterpart after SpaceX raised almost £600m earlier in February, with the company being valued at £52bn. Since then, however, Musk's love affair with Bitcoin seems to have at least been partly responsible for his drop in price. 

His comments that Bitcoin's share price does "seem high" seemed to trigger the downward spiral, which carried on yesterday (Tuesday), and came just two weeks after his publicised investment sent the price of the cryptocurrency to record new highs. 

Despite Musk claiming he was not behind Tesla's decision to buy $1.5bn in Bitcoin, and that it was a company business move, many have said his risky investment could ultimately backfire at any moment and cause the carmaker to crash. It is also worth noting here though, that Bitcoin has risen by around 500% over the last year - so we at Regit, at least, are happy to trust his judgement. 

 

By Tom Gibson
Feb 25, 2021
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