Jeff Bezos, the founder of Amazon, has reclaimed the title of the world's richest person, surpassing Elon Musk, the CEO of Tesla, according to the Bloomberg Billionaires Index on Monday.
Bezos' net worth stood at $200 billion, while Musk followed closely at $198 billion. Over the past year, Musk has experienced a significant loss, amounting to about $31 billion, while Bezos has seen a gain of $23 billion, as per the index.
Tesla Stock Plunge Triggers Reshuffle in Wealth Rankings
The shift in rankings occurred following a significant drop in Tesla shares, which fell more than 7% on Monday. Earlier this year, a Delaware state court judge invalidated Musk's 2018 pay package, valued at over $50 billion, which had contributed to his status as one of the richest individuals globally.
Additionally, Tesla shares have experienced a decline of approximately 24% year-to-date. Musk had previously reclaimed the title of the world's richest person in May 2023, surpassing Bernard Arnault, the CEO of LVMH, a conglomerate known for luxury brands such as Louis Vuitton and Dior.
The rivalry among the three centibillionaires-Musk, Arnault, and Bezos-has been ongoing for months, with their wealth fluctuating based on market performance. Arnault, currently in third place with a net worth of $197 billion, experienced a boost in his wealth attributed to a rise in luxury goods sales, which consequently elevated the stock price of LVMH.
Meanwhile, Mark Zuckerberg holds the fourth position with a net worth of $179 billion, while Bill Gates is in the fifth position with a net worth of $150 billion, as per the index.
Read Also : Elon Musk's $55 Billion Tesla Pay Package Voided by Delaware Judge, Says Tech Mogul Can't Retain Plan
Wealth Dynamics Amid Market Shifts
The title of the wealthiest individual on the planet has been consistently shifting due to market fluctuations. Despite the recent change, both Musk and Arnault maintain substantial fortunes.
Despite selling $8.5 billion worth of Amazon shares earlier this month, Bezos retains his position as the largest shareholder in the e-commerce giant, holding a 9.56% stake. Similarly, Musk maintains a substantial equity stake in Tesla, estimated to be around 20%.
Since 2020, the combined net worth of the five wealthiest individuals has surged by 114%, reaching a total of $869 billion, adjusted for inflation, according to Oxfam's annual inequality report. During the same timeframe, close to five billion individuals across the globe have become poorer.
With Bezos once again at the helm of the world's wealthiest individuals, the ongoing competition among Bezos, Musk, and Arnault for the top spot is expected to continue, reflecting the dynamic nature of global wealth distribution.
