Bezos became world's richest man again

Elon Musk slipped from the throne of the world's richest man, Bezos again on Top

Elon Musk's reign as the world's wealthiest man was short as Bezos again climbed up the pedestal. Tesla Inc. shares slipped by 2.4% on Tuesday resulting in the drop of $4.6 billion from its Chief Executive Officer's account and dethroned him from the top position of Bloomberg Billionaires Index ranking. Musk conquered the spot of the world's richest man last month overtaking Bezos by achieving a net worth of $186 billions.

Jeff Bezos who stood at the spot for more than three years slipped last month, reaffirmed the number 1 post with net worth of $191.2 billions which transcends Musk by $995 millions. Musk's reign ends after six weeks as the world's richest man that saw him as the centre of attention of every market event this year. He flagged the air of the Reddit-driven GameStop Corp. rally and sent shares of Etsy Inc., Shopify Inc., CD Projekt SA and Signal Advance Inc. surging to pioneering values. Moreover he roiled the price of Bitcoin and Dogecoin, a lesser known form of cryptocurrency which Musk made profound by tweeting a meme. Meanwhile, bitcoin soared by value of $50,000 days after Tesla revealed its plans to hold cryptocurrency worth $1.5 billion on his balance sheet.

Even after holding a constant social media presence by Musk, slipped almost 10% after the January 26 peak. This has been an eventful achievement for Bezos too. He reacquired the title of world's richest man at the time he was about to surrender the throne of CEO. Amazon.com Inc. this month announced that Bezos is about to step down from the post of CEO of the tech giant in the third quarter to lay his focus on other projects. Bezos also owns space exploration company Blue Origin as well as the Washington Post and increased his philanthropic expenditures in recent years. Shares of Amazon peaked 53% in the last 1 year.

Musk might be able overtake Bezos soon in future. Musk's space venture SpaceX, a rival to Bezos's Blue Origin has been in dialogues to raise funds to significantly soar its value. SpaceX obtained funding of $850 million last week with valuation standing at $74 billion, 60% more than its prior value as per CNBC.