Elon Musk’s reign as the world’s richest person was brief.
Tesla shares slid 2.4 per cent on Tuesday, erasing $4.6 billion from its chief executive’s fortune and knocking him from the top spot of Bloomberg's Billionaires Index ranking.
Jeff Bezos, who’d held the title for more than three years until last month, reclaimed his No. 1 position with a net worth of $191.2bn, or $955 million more than Mr Musk.
Mr Musk’s drop ends – for now – an almost six-week stint as the world’s richest person that saw him front and centre in some of the biggest market events so far this year. He fanned the flames of the Reddit-driven GameStop rally and sent the shares of Etsy, Shopify, CD Projekt and Signal Advance soaring with boosterish tweets.
Recently, he’s roiled the price of Bitcoin and even Dogecoin, a lesser-known cryptocurrency that Mr Musk spiked with a tweeted meme earlier this month. Bitcoin, meanwhile, blew past $50,000 days after Tesla revealed plans to hold $1.5bn of the cryptocurrency on its balance sheet. Despite Mr Musk’s seemingly constant social media presence, Tesla shares have slid almost 10 per cent from a January 26 peak.
It’s been an eventful stretch for Mr Bezos as well. He resumes the mantle of the world’s richest person as he’s about to cede a title of his own. Amazon announced this month that Mr Bezos will down step as chief executive of the e-commerce giant in the third quarter to focus on other projects.
Mr Bezos owns space exploration company Blue Origin, as well as the Washington Post and has accelerated his philanthropic giving in recent years. Amazon shares have climbed 53 per cent in the past 12 months.
It may not be long though before Mr Musk leapfrogs Mr Bezos once again.
Mr Musk’s SpaceX, a rival to Mr Bezos’s Blue Origin, has been in talks to raise funds that would significantly increase its valuation. SpaceX completed the $850m funding round last week at a $74bn valuation, about 60 per cent higher than its prior round, according to CNBC, which cited people familiar with the matter.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
UAE currency: the story behind the money in your pockets
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THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
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F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
India squad for fourth and fifth Tests
Kohli (c), Dhawan, Rahul, Shaw, Pujara, Rahane (vc), Karun, Karthik (wk), Pant (wk), Ashwin, Jadeja, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur, Vihari
Our Time Has Come
Alyssa Ayres, Oxford University Press
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
