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Updated March 5th, 2024 at 13:37 IST

Jeff Bezos reclaims title of world's richest, ousting Elon Musk from top spot

Jeff Bezos surpasses Elon Musk to become the world's richest person on the Bloomberg Billionaires Index, reclaiming the top spot for the first time since 2021.

Reported by: Business Desk
Bezos regains richest position, Musk loses crown
Bezos regains richest position, Musk loses crown | Image:Republic
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Bezos overtakes Musk: Elon Musk has been dethroned as the world's wealthiest person, losing his top position to Jeff Bezos. This marks Bezos's return to the pinnacle of the Bloomberg Billionaires Index, a position he last held in 2021. The shift in rankings came after Tesla Inc. shares plummeted by 7.2 per cent on Monday, leaving Musk with a net worth of $197.7 billion, while Bezos's fortune surged to $200.3 billion.

 

Bloomberg Billionaires Index


Stock performance diverges

The gap between Musk, aged 52, and Bezos, aged 60, has been narrowing as the fortunes of their respective companies, Tesla and Amazon, have diverged. Amazon's stock has soared, more than doubling since late 2022 and nearing its all-time high, while Tesla has experienced a roughly 50 per cent decline from its peak in 2021.

Monday's drop in Tesla shares was attributed to disappointing preliminary data showing a decline in shipments from its Shanghai factory. Conversely, Amazon reported robust online sales growth, further bolstering Bezos's wealth.

Legal blow for Musk

Musk's financial setback may continue following a Delaware judge's ruling invalidating his $55 billion pay package at Tesla. This decision favoured an investor who challenged Musk's compensation plan, which was historically the largest. Despite this setback, Musk's wealth calculation still includes his significant stakes in Tesla and SpaceX, alongside the voided options.

Amazon stake enriches Bezos

Bezos's wealth is primarily derived from his 9 per cent stake in Amazon, making him the company's largest shareholder. Despite selling about $8.5 billion worth of shares last month, he remains firmly positioned at the top of the wealth rankings.

Bezos's previous reign as the wealthiest person was interrupted by Musk's meteoric rise fuelled by Tesla's stock surge. However, Bezos has now reclaimed his familiar perch atop the wealth rankings, a position he first attained in 2017 after surpassing Microsoft Inc. co-founder Bill Gates.

Bernard Arnault, the chair of LVMH Moet Hennessy Louis Vuitton, also joins the ranks of the world's wealthiest individuals with a net worth of $197.5 billion.

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Published March 5th, 2024 at 09:18 IST

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