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For nearly five days, Elon Musk was the world's richest person as he overtook Amazon CEO, Jeff Bezos. However, he didn't hold the title long as Tesla's stock nosedived. This wiped out nearly $14billion in the company's value.

The electric car maker saw its shares climb more than 4.6 per cent, making Musk's net worth eclipse $188.5billion.

But, unfortunately, Tesla's stock dropped as shares fell almost eight per cent. This was also the largest one-day dip since late September. Musk's net worth dropped to $176.2billion.

Things seemed to have turned around, though, as shares of Tesla soared by more than five per cent while Amazon stock fell by slightly less than half of a percentage. 

Musk does, however, have a chance to once again be the world's richest person if those trends hold by the end of trading on Wall Street on Tuesday.

Musk brushed off the accolades while he held the title of richest person.

Tesla owners of Silicon Valley shared on their Twitter account that; "@elonmusk is now the richest person in the world at $190 billion."

Musk responded initially, commenting "How strange," which he followed up with; "Well, back to work …"

Musk has a 20 per cent stake in the carmaker and about $42billion of unrealized paper gains on vested stock options, not to forget a 48 per cent stake in his aerospace company, SpaceX.

In the last 12 months, Musk managed to increase his wealth by more than $146billion. Tesla has also joined the S&P 500, establishing the company as one of the world's most valuable businesses.

This year Tesla delivered 499,550 vehicles during 2020, which was above Wall Street estimates of 481,261.

Musk recently also tweeted that he was "proud of the Tesla team for achieving this major milestone". He added that "At the start of Tesla, I thought we had (optimistically) a 10% chance of surviving at all."

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