On March 5th, Tesla's stock plummeted by 7.16%, closing at $188.14. Elon Musk once again lost his position as the world's richest person, with Amazon's founder Jeff Bezos reclaiming the title, which he held previously.
This marks the first time since 2021 that the 60-year-old Bezos has topped the global billionaire rankings. Currently, Musk's net worth stands at $197.7 billion, while Bezos' fortune is at $200.3 billion.
During Musk's peak wealth period (exceeding $300 billion), the wealth gap between him and Bezos reached as high as $142 billion. However, as the stock prices of Amazon and Tesla moved in opposite directions, this gap has been narrowing.
Amazon's stock has more than doubled since the end of 2022, nearing its all-time high, while Tesla's stock has dropped by around 50% from its peak in 2021.
Analysts point out that Tesla's significant drop on Monday is related to its latest sales data in China. Additionally, Tesla's price cuts in China in January and the new incentives introduced last week underscore the intense market competition pressures.
