The Price Could Skyrocket  Here’s When Ethereum Could Flip Bitcoin

The bitcoin price’s mammoth 2021 bull run catapulted its market capitalization to over $1.2 trillion last year. It’s since crashed back to a mere $400 billion. Meanwhile, ethereum’s own huge price rally saw it climb to over $500 billion before dropping to just over $200 billion. Now, some traders and investors are predicting the ethereum price will surge following its long-awaited, radical upgrade—potentially making ethereum more valuable than bitcoin for the first time, an event known as “the flippening.”

“Investor interest in ethereum has remained resilient as it nears the merge, its once-in-a-lifetime event that will see the whole network migrate onto proof-of-stake,” Gabriel Selby, lead research analyst at cryptocurrency index provider CF Benchmarks, said via Twitter. “Some have suggested it could be the catalyst for ethereum to overtake bitcoin as the world’s largest coin by market capitalization.”

This week, ethereum is expected to complete its transition from the energy-intensive proof-of-work consensus mechanism used by bitcoin to the more power-efficient proof-of-stake, removing ethereum’s reliance on miners and handing control to those that “stake” their ether on the network. The switch is expected to reduce ethereum’s carbon emissions by 99%, according to the Ethereum Foundation.

Bitcoin’s dominance, a measure of its value compared to other cryptocurrencies, has in recent weeks dipped under 40%, down from a peak of almost 50% earlier this year, according to data from CoinMarketCap. Ethereum has seen its share of the market climb to over 20%, up from lows of under 15%. “Since the start of the year, the market cap ratio between bitcoin and ethereum has converged to its narrowest differential since May 2021.

If the current trend persists, ethereum could reach the top of the league tables by the end of 2023, or sooner,” Selby said. While bitcoin has developed a reputation as digital gold due to its immutability and resistance to both change and censorship, ethereum is designed to be used as the foundation of a decentralized, blockchain-based internet—an idea that’s become known as web3.

“With the proliferation of financial products that have enabled a much broader range of investors to express their price view in the crypto markets—such as the recently launched ethereum options contract by CME—the mechanisms are very much in place for ethereum’s market cap to overtake bitcoin, should there be buy-in from a sufficient number of investors,” Selby added.

Earlier this year, ethereum cofounder and the project’s spiritual leader Vitalik Buterin revealed his plans for ethereum following the “merge” upgrade—with the “surge” next in a series of improvements designed to make the network more secure and decentralized, followed by the verge, purge and splurge upgrades.

“We believe that ethereum has great utility and once the purge phase of pruning the code starts in 2023 it will be a very good blockchain with even greater adoption,” Martin Hiesboeck, head of blockchain and crypto research at crypto trading platform Uphold, said via email, adding: “The [ethereum] price could well skyrocket.”

Over the last year, ethereum has seen a demand boom due to the soaring popularity of non-fungible tokens (NFTs), digital art and media that’s tokenized on the ethereum blockchain. “Ethereum has already surpassed bitcoin in terms of the number of transactions executed,” Daniel Kostecki, a senior financial analyst at the investment company Conotoxia. “However, it is still far behind bitcoin in the volume of transactions on the blockchain or trading on exchanges.”

Kostecki warned it will be “hard to overtake a coin that was first in the world and whose issuance is limited.” Though others are more confident the flippening will eventually happen. “The merge will help global sentiment towards crypto and [the blockchain-based third iteration of the internet] web3 because the second biggest blockchain is becoming greener,” Max Kordek, chief executive of decentralized applications platform Lisk, said in emailed comments. “This is also a necessary step for ethereum to flip bitcoin, which I foresee happening in the next major bull run.”

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on..

Source: ‘The Price Could Skyrocket’—Here’s When Ethereum Could Flip Bitcoin

Critics by Stephen Dalton

When the Ethereum (ETH) merge occurs in September, it will mark the end of its PoW system and begin its status as a PoS coin. The Merge will supposedly decrease ETH’s total supply. A decreased supply should help lift the price of ETH. This could assist its rise to #1. However, BTC will always be seen as “digital gold” within the digital universe, while Ethereum is known as “digital oil.”

A rapid increase in the ETH price, a decrease in BTC’s price, or a combination of these two could lead to the Flippening. The ETH merge will not reduce gas fees for transactions (at least not immediately), a primary sticking point that could prevent ETH from growing. By contrast, Solana (SOL) and Cardano (ADA) have cheaper fees due primarily to their PoS consensus mechanism. Could one of them overtake ETH?

Many believe the fees on the Ethereum platform will decline gradually. Instead, the ETH blockchain plans to scale its users’ activity and secure its Mainnet through a decentralized layer. This method could allow for cheaper transactions within the network (eventually). For those unaware, market cap for cryptocurrencies works the same way as that of the stock market.

Replace the word “share” with “coin or token” so that “total shares outstanding multiplied by price per share” becomes total altcoins/tokens outstanding multiplied by the price per altcoin/token equals the assets’ market cap. Market cap is one of the vital indicators of an altcoin’s value. Many newcomers (including me) to the cryptocurrency market considered only an altcoin’s price to determine its value without considering how many are circulating and how many will be produced.

However, scarcity is only one part of the Law of Supply and Demand. Between ETH and BTC, the value or market cap gap is more than $200 billion. BTC’s market cap on 19 AUG is $408,567,909,013, while ETH’s is $206,487,299,810. That’s more than double. However, many are looking at it like the “glass is half-full,” or ETH is almost halfway to the Flippening.

ETH is almost triple its next closest competitor a “stablecoin,” Tether (USDT) valued at $67,554,732,043. In fact, BTC owns more than 55% of the total value within the cryptocurrency industry. These valuations were genuine at the time of my research, though market valuations in the highly volatile cryptocurrency market change rapidly. Conversely, ETH owns just a little more than 12% of the value. This gap may be a hard one to close for ETH.

Plus, other factors may make it challenging for ETH to top BTC in the near future. Let’s explore those so you can form an opinion about the “flippening.” Some “whales” believe ETH has the presence in the crypto universe but not the asset liquidity of BTC, though some Ether watchers and owners would say “…we’re halfway there.” Most crypto enthusiasts understand that the BTC halving creates a bull run.

Well, imagine that times three. The Merge will cut emissions by 90 percent, daily block compensation will diminish from 12800 to 1280 ETH, and inflation will drop from 4.3% to 0.43%, which could be seen as a 3X halving. Many investors do not understand the difference between circulating supply, total supply, and maximum supply. It can be complicated. Of course, circulating supply refers to the number of coins in circulation.

However, total supply doesn’t necessarily refer to the total supply that will ever be produced; that is maximum supply. As opposed to government-produced and regulated fiat currencies, the maximum supply of BTC is set at 21,000,000, which it is predicted to reach by 2040. Yet the price can move quickly due to its small number compared to ETH, which has an announced total/circulating supply of 122,027,066 coins. The maximum supply is not currently known.

Although the number of coins in circulation and price will drive market cap, inflation can stifle growth. Although the Merge will help fight inflation and quell circulating supply, ETH has nearly 100 million coins in circulation than BTC ever will. Regardless of the number of coins in circulation, the demand for either will drive the price. BTC has always led the way, but it has no real project outside of its decentralized nature, limited anonymity, and stored value.

ETH, on the other hand, possesses those qualities; plus, it was created and improved to facilitate many online transactions, such as execute Smart contracts, power Decentralized Applications (DApps) and Decentralized Autonomous Organizations (DAO) that support artists and entrepreneurs to create Non-Fungible Tokens (NFT), and Play-to-Earn (P2E) games.

Those functions often lead to ETH being referred to as “digital oil” because it “greases the skids” for so many operations across the crypto universe. While ETH is set to complete the Merge to PoS in September, many believe it will flip BTC and become number one. However, we must wait and see how the ETH blockchain will function once the Merge is complete.

Suppose, as predicted, the gas fees remain high. What is the advantage beyond the apparent but not visible benefit to the environment? If developers and creators must pay the same high fees, what will stop them from using another platform that performs the same function for less?

Related News:

Ravencoin (Rvn) Records 90% Increase, Community Warns About Price Speculation News BTC

3 Big Things the Merge Will Change About Ethereum Nasdaq

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Amazon To Buy Plug Power’s ‘Green’ Hydrogen In Deal With $2.1 Billion Stock Option

Plug Power, which supplies fuel cells for electric forklifts used by Amazon and other companies, said the retail giant plans to buy thousands of tons of carbon-free “green” hydrogen from it per year in a deal that also includes an option to acquire a stake in the company worth up to $2.1 billion.

Under the agreement Plug will begin providing Amazon with 10,950 tons of liquified hydrogen per year that will be used to fuel transportation and building operations, starting in 2025. It’s the biggest such deal to date for the Latham, New York-based company, which expects to hit an annual revenue target of $3 billion by 2025 as a result.

“It’s a huge deal … it’s a huge deal for the (hydrogen) industry,” Andy Marsh, Plug Power’s CEO, tells Forbes. Along with fuel for forklifts, Amazon may also use hydrogen to power a range of vehicles used in delivery operations, including long-haul trucks, he said. “It’s the first, much larger-scale hydrogen ecosystem for Amazon where they’re really thinking about all the applications they can use hydrogen in.”

Hydrogen is expected to become a major source of electric power, along with batteries, for both vehicle propulsion, as well as an option for stationary power generation and storage. While most industrial hydrogen that’s used for oil refining, food processing and the chemical industry is currently made by extracting the element from natural gas, that method emits carbon dioxide.

Companies including Plug, Cummins, Nikola, Nel Hydrogen and many others are shifting to a new technique using electrolyzers that can make a “green” form of the fuel from electricity–ideally from renewable sources–and water that has no climate-harming carbon emissions.

Hydrogen also gets a boost from the new Inflation Reduction Act signed into law this month by President Joe Biden, which includes a production tax credit for green hydrogen worth $3 per kilogram of carbon-free fuel.

Plug, which will benefit from that credit, has sold Amazon fuel cells for its warehouse forklifts since 2016, and estimates it’s provided more than 15,000 units to date. The company aims to expand its hydrogen fuel supply business and is adding production capacity to do that. Plug has said it will be able to make 500 tons of green hydrogen per day at facilities in North America by 2025, up from a goal of 70 tons per day by the end of this year.

By 2028, it hopes to produce 1,000 tons of hydrogen per day. Amazon said the deal is part of efforts to achieve net-zero carbon emissions across all its operations by 2040. It believes “scaling the supply and demand for green hydrogen, such as through this agreement with Plug Power, will play a key role in helping us achieve our goals,” Kara Hurst, Amazon’s vice president of sustainability at Amazon, said in a statement.

As part of the deal, Plug granted Amazon a warrant to acquire up to 16 million shares, with an exercise price of $22.98 for the first 9 million. It vests in full after Amazon spends $2.1 billion on Plug products over the seven-year term of the deal.Shares of Plug Power rose 9% to close at $30 in Nasdaq trading on Thursday.

I track technology-driven changes that reshape how we get around from Los Angeles, America’s sunny capital of congestion.

Source: Amazon To Buy Plug Power’s ‘Green’ Hydrogen In Deal With $2.1 Billion Stock Option

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As Crypto Losses Hit Investors, Litigation Picks Up

Lawsuits over cryptocurrency losses are mounting across the country, as investing in digital tokens and coins has become mainstream and the money at stake has increased significantly.

Even before the recent plunge in crypto prices, the industry already was seeing an uptick in lawsuits, which have come in several forms. Many of the cases have been fueled by investors who allege some digital coins were hyped and sold under false pretenses. Some proposed class-action suits allege pump-and-dump schemes involving celebrity promoters. Others allege that some digital tokens are unregistered securities or that cryptocurrency issuers were deceitful in their marketing.

Collectively, the lawsuits speak to both the troubles and successes of a maturing industry.

‘‘We’re seeing all of the normal kinds of litigation that you would see in more traditional companies.

— Jason Gottlieb, a partner at Morrison Cohen

“We’re seeing all of the normal kinds of litigation that you would see in more traditional companies,” said Jason Gottlieb, a partner at Morrison Cohen LLP who tracks cryptocurrency litigation. Mr. Gottlieb said the industry also was attracting an influx of plaintiff and defense lawyers who realize the crypto market is no longer “some obscure backwater for a small gaggle of techno-libertarian nerds. It’s a real business.”

Among recent lawsuits is a case filed in a California federal court over losses in the stablecoin GYEN. The suit accuses GMO-Z.com Trust Co., the issuer of GYEN, and crypto exchange Coinbase Global Inc. COIN -11.15% of advertising the stablecoin as being pegged to the Japanese yen, thereby providing a safer investment than more volatile cryptocurrencies. But when GYEN began trading on Coinbase in November, it immediately became untethered from the yen, leading the coin to spike in value and then drop 80% in one day, the lawsuit alleges. A similar peg break occurred in May 2021 when GYEN became available on a separate exchange, according to the lawsuit.

Kenneth Donovan, 27 years old and a plaintiff who began investing in cryptocurrency in 2019, said he bought $335,000 worth of GYEN last year after reading its white paper and learning the New York Department of Financial Services had authorized GMO-Z.com to issue stablecoins in the state.

In a matter of hours, he said, his investment plummeted to $3,000, wiping out nearly his entire life savings. Before the loss, he, his wife and their young daughter lived comfortably off his investments and gig work for Uber and DoorDash driving shifts, Mr. Donovan said. “I live paycheck-to-paycheck now.”

Some GYEN investors were risk-averse individuals who saw the cryptocurrency’s purported stability as a way to safely enter the crypto market, said Elizabeth Kramer, a partner at Erickson Kramer Osborne LLP, which filed the suit—its first crypto class-action complaint. GMO-Z.com didn’t respond to a request for comment.

A spokeswoman for Coinbase declined to comment on the litigation. Coinbase said in a blog post in January that the break in parity between GYEN and the yen in November was the result of market conditions specific to GYEN. Coinbase didn’t cause the break, the company said in the post.

John Jasnoch, a partner at Scott + Scott, said his firm has “gotten bullish on crypto” and is handling six cryptocurrency cases, with more in the pipeline. His portfolio includes three proposed class-action suits filed this year over investment losses in SafeMoon, a blockchain-based digital token that charges investors a 10% fee when they sell the asset. SafeMoon founders said the levy—half of which is redistributed to current investors—discourages sales of the token and encourages long-term holding.

The plaintiffs allege that SafeMoon was a pump-and-dump scheme in which it used celebrities such as boxer Jake Paul, musician Nick Carter and rapper Lil Yachty to promote the tokens on social media. SafeMoon founders encouraged purchases of the token while selling off their own holdings as the trading volume remained inflated, the plaintiffs allege.

Lawyers for SafeMoon, Mr. Paul and Lil Yachty didn’t respond to requests for comment. In a court filing in one of the suits, a lawyer for Mr. Carter denied that his client acted as a promoter for SafeMoon and asked a judge to dismiss the complaint. As lawsuits grow, firms that do defense work are seeing increasing demand for representation from crypto companies and trading platforms that want to avoid legal liability and regulatory scrutiny.

Ian McGinley, a partner at Akin Gump Strauss Hauer & Feld LLP, said crypto firms are eager for help navigating “an atmosphere where the rules are not particularly clear.” Facing a lightly regulated environment, some crypto investors have looked to courts to answer core legal questions for the industry, such as whether digital tokens are securities that should be subject to the same regulations as stocks.

In one closely watched federal suit, crypto investors have accused Coinbase of violating securities laws by acting as a seller of unregistered tokens. The platform has asked a judge in New York to dismiss the case, arguing that it matches buyers and sellers but doesn’t transact directly with users. It also says the tokens aren’t securities.

The value of digital money reached a peak of nearly $3 trillion in November before plummeting by about $1.7 trillion in recent months. The crypto market’s volatility over the past six months and the recent plunge of popular cryptocurrencies will likely lead to more suits in the future, lawyers say. Coming litigation will likely focus on alleged misrepresentations around the strength of the technology of certain coins, said Mr. Jasnoch, the Scott + Scott partner.

“It will be cases involving bigger projects that promise the moon and the stars and have just been battered by the market when all these promises didn’t come true,” he said.

By James Fanelli

Source: As Crypto Losses Hit Investors, Litigation Picks Up – WSJ

Critics by : Sam Skolnik 

Cryptocurrency litigation is soaring, prompted by a surge of investors in the space, and US proposals promise more rules to fight over in coming months and years. Crypto has generated more than 200 class action lawsuits and other private litigation as of this month, up more than 50% since the start of 2020, according to Morrison Cohen, which tracks the activity. Half of all crypto litigation are class actions or private suits, according to the firm’s data.

“There’s been a steady stream of cases from regulators, but what’s really exploded is private litigation,” said Jason Gottlieb, chair of Morrison Cohen’s white collar and regulatory enforcement practice group in New York. The rise in litigation is encouraging Big Law operations to bolster their crypto practices. Firms including Jenner & Block, Goodwin Procter, and Morrison & Foerster in the last few months have added new crypto partners to their rosters, including former fraud prosecutors, securities litigators and investment funds lawyers.

The litigation growth comes at a tumultuous time for crypto. A backer of the collapsed TerraUSD stablecoin lost $3 billion in cryptocurrency reserves in a failed effort to restore its peg to the dollar, Bloomberg News reported Monday. Bitcoin on May 12 hit its lowest level since 2020 and was down 50% from its November high, according to Bloomberg. Perkins Coie has so much activity on the crypto front that it holds weekly team calls, typically including 50 to 70 firm attorneys, said Joe Cutler, firmwide co-chair of the firm’s fintech industry group. “We have content coming out of our ears,” he said.

At Latham & Watkins, more than 700 lawyers worked on crypto or blockchain issues in 2021 alone, said Yvette Valdez, co-chair of the firm’s global digital assets and Web3 practice. “The market is exploding, not just at the partner level but at the associate level too,” Valdez said. The result is a buyer’s market for lawyers, as firms see colleagues leave for general counsel positions at crypto companies, said Joshua Ashley Klayman, U.S. head of fintech and head of blockchain and digital assets for Linklaters in New York.

The world’s largest cryptocurrency exchange by trading volume, Binance Holdings Ltd., is looking to hire more than 30 lawyers, Bloomberg Law reported Monday. Another cryptocurrency exchange, Bittrex Global GmbH, hired a Shearman & Sterling senior associate late last year to be its general counsel.

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Germans Seize Russian Billionaire Alisher Usmanov’s Mega-Yacht

Russian billionaire Alisher Usmanov was sanctioned by the European Union on Monday. Two days later, Forbes has learned from three sources in the yacht industry that one of his prized possessions—the 512-foot yacht Dilbar, valued at nearly $600 million—has been seized by German authorities in the northern city of Hamburg.

The ship has been in the Hamburg shipyards of German shipbuilding firm Blohm+Voss since late October for a refitting job. Sources who spoke to Forbes said that the German government froze the asset and that, likely as a result, Blohm+Voss employees who had been working on the yacht didn’t show up to work on Wednesday.

A spokesperson for Lürssen, the German shipbuilder which owns Blohm+Voss, declined to comment on Thursday. “All orders and projects of the Lürssen Group and its subsidiaries are treated in accordance with the applicable laws and regulations,” the spokesperson said. Representatives for Usmanov didn’t immediately respond to a request for comment.

Usmanov purchased Dilbar in 2016 for a reported $600 million from Lürssen, which custom-built it for him over 52 months. The firm calls it “one of the most complex and challenging yachts ever built, in terms of both dimensions and technology.” At 15,917 tons, it’s the world’s largest motor yacht by gross tonnage, and is typically manned by a crew of 96 people.

Dilbar boasts the largest swimming pool ever installed on a yacht as well as two helicopter pads, a sauna, a beauty salon, and a gym. Its plush interiors have more than 1,000 sofa cushions and it can host up to 24 people in 12 suites.

The yacht is part of Usmanov’s estimated multibillion dollar fortune, which spans stakes in iron ore and steel giant Metalloinvest and consumer electronics firm Xiaomi, as well as smaller holdings in telecom, mining and media.

One of the earliest investors in Facebook along with fellow billionaire Yuri Milner, Usmanov also owns extensive real estate assets in the West, ranging from two estates in the UK—Beechwood House in London and Sutton Place in Surrey, valued at a combined $280 million—to luxury homes in Munich, Germany; Lausanne, Switzerland; Monaco; and Sardinia.

Usmanov sold his 30% stake in English soccer team Arsenal F.C. in 2018 for nearly $700 million in cash, but until this week had ties to soccer through his USM Holdings and MegaFon sponsorships of Everton F.C. The Premier League team said on Wednesday that it was suspending the arrangements in light of Russia’s attack on Ukraine. Usmanov isn’t the only Russian billionaire with a mega-yacht: Forbes and yacht valuation experts VesselsValue tracked down 32 of them.

On Tuesday, Usmanov commented on the EU sanctions imposed on him in a statement to the International Fencing Federation where he also announced he was stepping down as the organization’s president. “I believe that such decision is unfair, and the reasons employed to justify the sanctions are a set of false and defamatory allegations damaging my honor, dignity, and business reputation,” he wrote. “I will use all legal means to protect my honor and reputation.”

I’m a Staff Writer on the Wealth team at Forbes, covering billionaires and their wealth. My reporting has led me to an S&P 500 tech firm in the plains of Oklahoma; a fighter-jet-flying

Source: Germans Seize Russian Billionaire Alisher Usmanov’s Mega-Yacht

.

Critics:

Usmanov — who the U.S. Senate called a “senior member of Vladimir Putin’s inner circle” while attempting to sanction him under the Foreign Corrupt Practices Act in 2018 — reportedly has a multi-billion dollar empire that includes metals giant Metalloinvest, the Russian cellphone giant MegaFon, consumer electronics firm Xiaomi, as well as estates throughout Europe. Forbes reports that Usmanov was also among Facebook’s earliest investors.

The European Union announced plans to blacklist Usmanov and prohibit his travel throughout the continent as part of the sanctions against Russian oligarchs amid the invasion of Ukraine.

Also on Wednesday, the Everton F.C. in the English Premier League severed its sponsorship deal with three Usmanov-owned companies, ESPN reported. This past weekend Roman Abramovich, another alleged Putin associate, handed over stewardship of the Chelsea soccer team to his charitable trust before the U.K. could impose any sanctions on him; Abramovich is now attempting to sell the soccer team ahead of any longterm sanctions against him.

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After Taking A Thanksgiving Break, Elon Musk Is Back To Selling Tesla Stock

Now that the post-Thanksgiving food coma has worn off, Elon Musk has resumed selling Tesla shares with unprecedented vigor. He exercised options to buy 2.1 million shares on Thursday, according to Securities and Exchange Commission filings, and immediately unloaded 924,091 shares, worth about $1 billion, to cover the tax bill from the transaction.

All told, Musk has shed about 10.1 million Tesla shares, worth nearly $11 billion. Roughly $5 billion of that sum has gone toward taxes owed from options exercising; the remaining money—an estimated $4.4 billion after taxes—has gone into Musk’s pockets.

Musk first embarked on the selling spree on November 8, two days after posting a Twitter poll asking followers if he should sell 10% of his Tesla stake, ostensibly in light of a short-lived legislative proposal that would tax the unrealized stock gains of billionaires. (58% of the millions of respondents voted yes.)

Yet Musk had already planned to sell some of his Tesla stock long before that. In mid-September, Musk set up a trading plan “for the purpose of an orderly sale of shares related to the exercises of options scheduled to expire in 2022,” SEC filings reveal. The chief executive faced a multibillion-dollar tax thanks to the options.

Since last month, he’s been chipping away at the 25.5 million options that were set to expire in 2022, exercising his right to buy 10.7 million shares and selling a total of 4.7 million shares to cover his tax bill. Musk still has more than 14.8 million options to exercise before the August 2022 deadline.

Meanwhile, he’s been dumping stock he has held for years as well. In total, he has sold 5.4 million shares—nearly 3.2% of his Tesla stake—for some $5.8 billion in pretax cash. To hit the 10% mark he promised his Twitter followers, Musk will have to sell an additional 11.6 million shares, worth about $12.1 billion as of Friday at 11 a.m. in New York.

The Twitter-saavy CEO has never sold stock like this before. Before November, Musk dumped Tesla shares only twice: In 2010, he jettisoned roughly 1.4 million shares for $24 million shortly after Tesla went public; in 2016, he sold 2.7 million shares for $593 million, which he used to cover taxes he owed for exercising some of his Tesla options.

Based on Tesla’s closing stock price on Thursday afternoon, Musk’s fortune stands at $282 billion, Forbes estimates, down from more than $300 billion just before the Thanksgiving holiday. Though the latest stock sales have boosted Musk’s famously-small cash pile, his net worth—which is largely tied up in Tesla stock—has ping-ponged over the past few weeks in line with the company’s stock price.

Shares are down roughly 17% from where they traded just before Musk posted his Twitter poll, representing more than $200 billion shaved from the electric car company’s market capitalization.

While Musk is no longer above the lofty $300 billion net worth threshold, he’s still miles ahead of the world’s second-richest person, Jeff Bezos, who currently sports an estimated $196.7 billion net worth. French fashion mogul Bernard Arnault claims spot No. 3, with an estimated $187.1 billion fortune, followed by No. 4 Bill Gates, who’s worth an estimated $136.1 billion.

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I’m a reporter on Forbes’ wealth team covering the world’s richest people and tracking their fortunes. I was previously an assistant editor for Forbes’ Money & Markets section, and I

Source: After Taking A Thanksgiving Break, Elon Musk Is Back To Selling Tesla Stock

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