Jeff Bezos ousts Elon Musk as ‘richest person on Earth’ once again.
Amazon’s founder Jeff Bezos has reclaimed his position as the “richest person on Earth,” surpassing Tesla’s Elon Musk and seizing the top spot on the esteemed Bloomberg Billionaires Index.
As of Monday, Bezos boasts a staggering net worth of $200 billion, edging out Musk who closely trails with $198 billion to his name.
Noteworthy is Musk’s downturn in wealth over the past year, witnessing a staggering loss of approximately $31 billion, while Bezos has seen a commendable gain of $23 billion, as per the index’s findings.
Monday witnessed a sharp decline of over 7% in Tesla shares, as reported by CNN.
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Musk had previously clinched the coveted title of the world’s wealthiest individual in May 2023, surpassing Bernard Arnault, the CEO of luxury conglomerate Moët Hennessy Louis Vuitton (LVMH), which includes iconic brands such as Louis Vuitton, Dior, and Celine.
In a heated competition within the luxury goods sector, Musk, Arnault, and Bezos, renowned as the three centibillionaires, have been vying fiercely for the top position.
Arnault’s fortunes have swelled thanks to a surge in luxury goods sales, propelling LVMH’s stock prices skyward.
This year saw a pivotal legal ruling in a Delaware court which nullified Musk’s $50 billion pay package from 2018, an arrangement that had previously catapulted him into the upper echelons of global wealth.
The fallout from this decision has led to a 24% decline in Tesla shares year-to-date.
The title of the wealthiest individual on the planet is a title that changes hands frequently based on the ebb and flow of market dynamics.
Despite these fluctuations, Musk and Arnault maintain their stratospheric levels of wealth.
As Jeff Bezos ousts Elon Musk as ‘richest person on Earth’ once again, according to Oxfam’s annual inequality report, since 2020, the combined net worth of the world’s five richest individuals has ballooned by an astonishing 114%, equivalent to a staggering $869 billion, after adjusting for inflation.
