Amazon billionaire founder, Jeff Bezos is now the world’s richest man with a net worth of $200 billion according to a report by the Bloomberg billionaire index.
This comes after more than nine months of Elon Musk holding the title as King of billionaires on the index, no thanks to Tesla Inc. shares which dropped a 7.2% decline on Monday, reducing Musk’s net worth to $197.7 billion, while Bezos’ fortune stands at $200.3 billion.
According to reports, this marks the first time Bezos has claimed the top spot-on Bloomberg’s ranking of the richest individuals since 2021.
What we know
Initially, a wide wealth gap of $142 billion stood between Musk wealth gap between Musk,52, and Bezos, 60. However, the recent stock trajectories of Amazon and Tesla reduced the margin.
Despite both companies being part of the so-called Magnificent Seven stocks driving US equity markets, Amazon’s shares have surged over 100% since late 2022, approaching a record high. Conversely, Tesla has seen a roughly 50% decline from its 2021 peak.
- Tesla’s recent share dip was triggered by preliminary data revealing a significant drop in shipments from its Shanghai factory, reaching the lowest point in over a year. On the other hand, Amazon is riding high on its strongest online sales growth since the early days of the pandemic.
- Musk’s financial woes may continue following a Delaware judge’s decision to invalidate his $55 billion pay package at Tesla, where he serves as CEO. The ruling favored an investor who contested Musk’s compensation plan, previously the largest in history.
Options included in the annulled plan constitute a substantial portion of Musk’s assets, alongside his stakes in Tesla and SpaceX.
What you should know
Jeff Bezos, whose wealth predominantly stems from his 9% stake in Amazon, remains the online retailer’s largest shareholder.
Despite selling approximately 50 million shares valued at around $8.5 billion last month, Bezos holds a commanding position in Amazon. This recent shift marks a return to a familiar position for Bezos, who first claimed the title of the world’s richest person in 2017, surpassing Microsoft Inc. co-founder Bill Gates.
While Tesla’s stellar performance in 2021 briefly put Bezos and Musk in direct competition for the top spot, a subsequent decline left Bezos trailing. The recent reshuffling in rankings sees Bezos reclaiming the No. 1 position, with Bernard Arnault, Chairman of LVMH Moet Hennessy Louis Vuitton, also joining the ranks of the world’s wealthiest individuals with a net worth of $197.5 billion.
