Jeff Bezos Surpasses Elon Musk as World’s Richest Person: Tesla Shares Slump
For the first time in over nine months, Elon Musk has relinquished his title as the world’s richest person. Jeff Bezos, the founder of Amazon.com Inc., has reclaimed the top spot on the Bloomberg Billionaires Index, dethroning Musk after a 7.2% drop in Tesla Inc. shares on Monday. Musk’s net worth now stands at $197.7 billion, while Bezos boasts a fortune of $200.3 billion.
This marks the first time since 2021 that Bezos, 60, has ascended to the peak of Bloomberg’s ranking of the wealthiest individuals. The once vast wealth gap between the 52-year-old Musk and Bezos, which reached as wide as $142 billion, has been steadily narrowing as the stock fortunes of Amazon and Tesla move in opposite directions. While both companies are part of the elite “Magnificent Seven” stocks driving the US equity markets, Amazon’s shares have more than doubled since late 2022, nearing a record high. In contrast, Tesla has seen a roughly 50% decline from its 2021 peak.
Monday’s decline in Tesla shares was attributed to preliminary data indicating a significant drop in shipments from its Shanghai factory to the lowest point in over a year. Meanwhile, Amazon experienced robust online sales growth, contributing to Bezos’ resurgence in the wealth rankings.
Musk’s financial woes may intensify following a Delaware judge’s decision to invalidate his $55 billion pay package at Tesla, where he serves as chief executive. The ruling favored an investor who challenged Musk’s compensation plan, which had previously held the title of the largest in history. Musk’s significant assets, including options, stakes in Tesla, and SpaceX, are still considered in the Bloomberg index calculations of his wealth.
Bezos’ vast fortune primarily stems from his 9% stake in Amazon, making him the company’s largest shareholder, even after recently divesting 50 million shares worth approximately $8.5 billion. This return to the top of the wealth rankings is a familiar position for Bezos, who first surpassed Microsoft Inc. co-founder Bill Gates as the world’s richest person in 2017. However, after a fierce competition with Musk throughout 2021, Bezos fell behind late in the year and has only now regained the coveted №1 position.
In addition to Musk and Bezos, Bernard Arnault, the 74-year-old chairman of LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury-goods maker, also ranks among the world’s wealthiest, boasting a net worth of $197.5 billion.
