Amazon’s Jeff Bezos Ousts Musk from Top Spot as World’s Wealthiest

Last Updated on March 5, 2024 8:03 am

In a dramatic shift of fortunes, Jeff Bezos, the iconic entrepreneur and founder of Amazon, reclaimed the coveted title of the world’s richest person on Monday. Beating out Elon Musk on the Bloomberg Billionaires Index, Bezos now boasts a staggering net worth of $200 billion, surpassing the Tesla and SpaceX magnate’s $198 billion.

This reversal of roles comes as Tesla’s share prices experienced a significant downturn, leading to Musk witnessing a dip of over $30 billion in his wealth. The electric car company’s shares dropped by 25 percent in recent months, contributing to Musk’s financial setback. Adding to the Tesla CEO’s challenges, a court-approved annulment in January nullified his colossal compensation agreement with the company, originally valued at a whopping $55.8 billion and struck in 2018.

On the other hand, Bezos, who has stepped down from the day-to-day operations at Amazon, continues to reap the benefits of the e-commerce giant’s soaring stock prices. Despite selling off $8.5 billion in Amazon stocks recently, Bezos maintains his position as the company’s largest shareholder.

Meanwhile, Bernard Arnault, the French CEO of luxury group LVMH, holds steady in third place among the world’s wealthiest individuals, with a substantial net worth of $197 billion. As the dynamics of global wealth continue to evolve, Bezos’ resurgence and Musk’s challenges highlight the ever-shifting landscape of the billionaire rankings.

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