Jeff Bezos Topples Elon Musk as Experts Predict Tesla’s Doom

Outspoken billionaire and the Chief Executive Officer of Tesla Inc, Elon Musk, is no longer the richest man in the world after Jeff Bezos, the Chief Executive Officer and co-founder of Amazon, surpassed him on Wednesday.

Jeff Bezos’ net worth stood at $191 billion despite declining by $884 million this year so far. While Musk’s net worth declined by $4.58 billion in the last 24 hours after experts said Tesla’s stock could plunge to as low as $100 per share in 2021.

Elon Musk’s net worth stood at $190 billion as at the close of business on Wednesday even though he has gained $20.5 billion this year alone.

Michael Burry, a big short investor, that has criticised the craziness of stocks like Tesla, GameStop and even Bitcoin in recent weeks had taken to his Twitter account to dismiss general consensus among what seems like a cult following behind Tesla bullish run that any plunge in Tesla stock price below $100 per share could crash the system.

He said “$TSLA below $100/share by later this year will not crash the system. There is no reflexivity in such a fall,” he continued, dismissing the risk of a positive feedback loop where investors lose confidence and hoard their money, hurting the economy and scaring investors even more.

He, however, explained that it would put an end to a certain type of investment. “But it would trigger the end of an era for a certain type of investing,” Burry added.

The comments echo his recent criticism of speculative betting on Tesla, bitcoin, and GameStop, and his warning of “dangerous” bubbles in markets last week.

Burry, like other global experts, has criticised and described Tesla as an overpriced stock that could result in a huge bubble.

Tesla shares fell 2.4 percent before rebounding.