The main headlines of Fox Business Flash are here. Check out what is clicking on FoxBusiness.com.
Jeff Bezos is back on top.
The current CEO of Amazon has regained his crown as the richest person in the world, ending the reign of Tesla chief Elon Musk after just six weeks.
The changing of the guard happened despite the fortunes of both billionaires shrinking on Tuesday, as the share prices of their respective companies fell.
JEFF BEZOS SHOULD $ 2 BA YEAR UNDER WASHINGTON’S WEALTH TAX PROPOSAL
Bezos, 57, saw his net worth drop by $ 372 million to $ 191 billion, thanks to a drop of about 0.3% in Amazon shares, according to the Bloomberg Billionaires Index.
But a 2.4 percent drop in Tesla’s shares wiped out almost $ 4.6 billion from Musk’s wealth, putting the 49-year-old tech mogul second with a $ 190 billion fortune, shows Bloomberg.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 3,310.60 | +41.65 | + 1.27% |
| TSLA | TESLA INC. | 773.70 | -22.52 | -2.83% |
Bezos regained his title about two weeks after announcing that he would step down as chief executive of Amazon in the third quarter of this year. He will still be the executive president of the e-commerce empire he founded 27 years ago.
DISCOVER FOX BUSINESS ON THE MOVE BY CLICKING HERE
Bezos’ 11 percent stake in Amazon is valued at $ 174 billion, accounting for more than 90 percent of his total fortune, according to data from Bloomberg. He has gradually sold shares in recent years, in part to finance Blue Origin, his space exploration company that competes with Musk’s SpaceX.
Musk had ended Bezos’s three-year reign as the richest man in the world in early January, amid an impressive rise in Tesla’s stock price. Electric car maker shares have risen about 13% this year, despite Tuesday’s decline, helping to add more than $ 20 billion to Musk’s net worth along the way.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Musk made his move to the top of the list of the rich memorable by consolidating his power to move markets with Twitter posts. It caused increases in stock prices like Etsy and Signal Advance and raised the price of Dogecoin, the meme-inspired cryptocurrency.