Health & Fitness

Jeff Bezos Named World’s Richest Man As Crashing Tesla Stock Dethrones Elon Musk

  • Mar 5, 2024
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Jeff Bezos Named World’s Richest Man As Crashing Tesla Stock Dethrones Elon Musk

For the first time in over nine months, Elon Musk has been dethroned as the world’s richest person, losing his top spot on the Bloomberg Billionaires Index to Amazon Founder Jeff Bezos. This occurred after Tesla Inc. shares plummeted by a massive 7.2% on Monday, bringing Musk’s net worth down to (a still enormous) US$197.7 billion.

Meanwhile, 60-year-old Bezos has seen his fortune rise to a ludicrous US$200.3 billion, reclaiming his title of the world’s wealthiest person for the first time since 2021.

WATCH: Jeff Bezos’ $723m Superyacht Spotted Under Sail For The First Time

At one time, the wealth gap between 52-year-old Musk, 52 and longtime nemesis Bezos reached a dizzying US$142 billion but has been narrowing fast as as their luck has taken near-opposite turns in the intervening years. While both companies continue to reign among the so-called “Magnificent Seven” stocks driving US equity markets, Amazon’s shares have more than doubled since late 2022 and approach a record high.

Tesla, on the other hand, has halved since its 2021 peak. Its most recent decline was triggered by data indicating a huge drop in shipments from its Shanghai factory, marking their lowest output in well over a year. In stark contrast, Amazon has experienced its best online sales growth since the earliest days of the pandemic in Spring 2020.

Musk and his still-massive wealth could be set to face further challenges, however, after a Delaware judge invalidated his US$55 billion pay package at Tesla, siding with an investor who contested the mind-boggling compensation plan.

Bezos derives the lion’s share of his wealth from his healthy 9% stake in Amazon. He remains the largest single shareholder of the online retail and cloud-services giant, even after selling 50 million shares in recent weeks, worth approximately US$8.5 billion. This comes as he continues to invest huge sums in his WIP Beverley Hills mega-mansion…

Bezos first surpassed Microsoft Inc. co-founder Bill Gates for the big-bucks top spot way back in 2017. However, a surge in Tesla shares saw Bezos and Musk competing for the top spot throughout much of 2021. Only now has Bezos taken back the title… but for how long?

It’s worth an honourable mention for Bernard Arnault, 74, chairman of LVMH Moet Hennessy Louis Vuitton, with a net worth of US$197.5 billion, ranking him a close third. We interviewed his son, Frederic, last year if you’re interested.

Are you cheering for Bezos? Are you gutted on Musk’s behalf? or are you of the opinion that they’re both sat on ludicrous amounts of wealth that could better be spent beyond their bottomless pockets? Let us know.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by menshealthfits.
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