Elon Musk, the CEO of Tesla Inc., has been replaced as the world’s wealthiest person for the first time in over nine months, losing his top position on the Bloomberg Billionaires Index to Jeff Bezos.
This development happened after Tesla’s shares plummeted by 7.2 percent on Monday, reducing Musk’s net worth to $197.7 billion, while Bezos’ fortune stands at $200.3 billion. It marks the first time since 2021 that Bezos, the founder of Amazon.com Inc., has reclaimed the title of the richest person.
The wealth gap between Musk, aged 52, and Bezos, aged 60, which was once as substantial as $142 billion, has been narrowing as the shares of Amazon and Tesla move in opposite directions. Amazon’s shares have more than doubled since late 2022 and are nearing a record high, whereas Tesla’s shares have declined by approximately 50 percent from their peak in 2021.
Musk ascended to the top of the rich list in May, surpassing Bernard Arnault, the chairman and CEO of luxury goods company LVMH, who now ranks third with a net worth of $197 billion. The top position in the ranking, determined by fluctuations in the stock market and other economic factors, has seen Bezos, Musk, and Arnault vying for supremacy in recent years.
The drop in Tesla’s shares on Monday came after preliminary data indicated a decrease in shipments from its Shanghai factory to the lowest level in over a year. Conversely, Amazon is experiencing robust online sales growth, its best since the early stages of the pandemic.
Musk’s wealth might face further decline following a court ruling in Delaware invalidating his $55 billion pay package at Tesla, where he serves as chief executive. This decision favored an investor who had contested Musk’s compensation plan, which was the largest in history. Despite this setback, the Bloomberg index continues to factor in Musk’s significant assets, including his stakes in Tesla and SpaceX.
Bezos primarily derives his fortune from his 9 percent stake in Amazon, making him the company’s largest shareholder. He remains at the helm of the online retailer’s wealth rankings, despite selling 50 million shares worth around $8.5 billion last month. Bezos first surpassed Bill Gates as the world’s richest person in 2017, and while he faced stiff competition from Musk in 2021, he has now reclaimed the top position.
Bernard Arnault, aged 74, the chairman of LVMH Moet Hennessy Louis Vuitton, also features among the world’s wealthiest individuals, boasting a net worth of $197.5 billion.
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