Jeff Bezos, the founder of Amazon, has surpassed Elon Musk to become the wealthiest individual globally, thanks to a decline in Tesla’s stock. This shift in rankings occurred as Tesla Inc.’s stock experienced a significant decline on Monday, causing Elon Musk to lose his title as the world’s richest person. It was the first time since late 2021 that Bezos had taken the top spot on Bloomberg’s Billionaires Index, with Musk losing his position after nine months of dominance. The last time Musk briefly lost the top spot was when LVMH CEO Bernard Arnault surpassed him.
According to Bloomberg’s index, as of Monday, Bezos had a total net worth of $200 billion, surpassing Musk’s $198 billion and Arnault’s $197 billion. Musk’s fortune has declined by $31 billion year to date, while Bezos’s net worth has risen by $23.4 billion during the same period. Despite Bezos selling approximately 50 million Amazon shares last month, worth around $8 billion, he still holds roughly a 9% stake in the tech giant. Moreover, Amazon shares have seen a 17% increase year to date.
On the other hand, Tesla shares experienced a significant drop of over 7% on Monday following the introduction of new price cuts and discounts in both the U.S. and China. This decline has contributed to Musk’s fortune being heavily tied to Tesla stock, which has fallen about 24% year to date. Additionally, in January, a Delaware judge voided Musk’s $56 billion compensation package.
While Bezos has regained his position as the world’s wealthiest individual, it is worth noting that Bernard Arnault is waiting in the wings. Arnault, the CEO of LVMH, has seen his wealth grow by $18 billion this year, primarily due to LVMH stock gaining about 15% year to date in Paris trading.
This shift in rankings highlights the volatility of the stock market and the impact it can have on individuals’ wealth. It also emphasizes the influence that major stock movements can have on the rankings of the world’s richest individuals. As Bezos takes the throne once again, it will be interesting to see how these rankings continue to evolve in the future.
