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Elon Musk Lost $1.2 Billion Yesterday, Now World’s Third-Richest Again

by : Saman Javed on : 16 Dec 2020 16:00
Elon Musk Lost $1.2 Billion Yesterday, Now World's Third-Richest AgainPA

Elon Musk’s net worth fell by $1.2 billion (£888 million) yesterday, dropping down Forbes’ world’s richest list to third once again.

The billionaire owner of Tesla has been moving up and down on the list of the top five richest people in the world for quite some time.

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At the end of November, he overtook Microsoft co-founder Bill Gates to become the second-richest person in the world. As it stands, he is currently worth $139 billion (£102 billion).

It’s been a lucrative year for Musk, who has seen his fortune skyrocket through the course of the year as Tesla shares surged.

Elon MuskPA Images

In the past 12 months, he has added more than $127 billion to his net worth. Musk’s rocket company SpaceX alone is now valued at $46 billion, according to Forbes.

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At the end of November, Tesla reached new heights in the stock market, as shares of the company exceeded $527.48 per share, leading the company to pass the $500 billion market cap for the first time.

Tesla is set to join the S&P 500 on December 21, which will likely see share prices increase further as more investors will be interested in profiting from the business.

Musk, who owns 21% of Tesla, stepped down as chairman of the company in 2018 after his claims to take Tesla private triggered a probe from the US Securities and Exchange Commission.

In November, he told a fan that the electric car company was just one month away from bankruptcy ahead of the mass production of its Model 3.

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PA Images

The Model 3, Tesla’s cheapest car, began mass production in 2017. When asked by one user how close Tesla was from bankruptcy when bringing the Model 3 to mass production, Musk said ‘about a month’.

‘The Model 3 ramp was extreme stress & pain for a long time — from mid 2017 to mid 2019. Production & logistics hell,’ he added.

Musk is currently sitting behind Bernard Arnault, a French businessman and art collector valued at $147.9 billion.

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Jeff Bezos, the first person in the world to surpass a $200 billion net worth, is still in the richest man in the world. As of yesterday, he is currently worth $185.3 billion.

Also in the top five rankings are Bill Gates, worth $119.5 billion, and Mark Zuckerberg. The Facebook co-founder is now worth $11.3 billion, after his value dropped by more than $900 million yesterday.

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Topics: Celebrity, Bill Gates, Elon Musk, Jeff Bezos, Now, Tesla