Elon Musk loses his world’s richest man title to Jeff Bezos

Tesla CEO Elon Musk's wealth has been reduced by $17.6 billion due to a 7% stock drop, leaving him with $198 billion in assets and ranking second on Bloomberg's Billionaire Index.

Elon Musk, the CEO of Tesla Motors, is no longer the richest person on the planet. Tesla’s stock fell almost 7% on Monday, reducing Musk’s wealth by roughly $17.6 billion. Musk, who is also the founder and CEO of SpaceX now has a pitiful $198 billion in assets, placing him in the number two position on Bloomberg’s Billionaire Index.

With a $200 billion net worth, Amazon founder Jeff Bezos has recovered the top spot in Musk’s place. Based on the index, Bezos’s wealth has increased by around $23.4 billion since the start of the year. Around $31.3 billion has been lost by Musk in the same time frame. Tesla’s stock has lost almost 24% of its value this year; on Tuesday morning, pre-market trading saw another 2% decline.

Simultaneously, on Monday, Musk was sued by four former Twitter executives for unpaid severance. The lawsuit claims that once Musk fired the plaintiffs without reason, they were not given the severance money included in their contracts even before Musk bought the platform. Every plaintiff alleges they are entitled to hundreds of thousands of stock options in addition to a salary of a full year.