Jeff Bezos Overtakes Elon Musk, Reclaims World's Richest Person Title As Wealth Soars To $200B

The founder of Amazon Inc., Jeff Bezos, has once again claimed the title of the world’s wealthiest individual, surpassing Tesla Inc. CEO Elon Musk on Monday.

What Happened: Bezos’s net worth rose to $200 billion, overtaking Musk’s $198 billion. Bezos, the Amazon founder, expanded his wealth by about $23 billion in the past year, while Musk saw a decrease of around $31 billion, as per the index, according to the Bloomberg Billionaires Index.

Share prices of Tesla fell by more than 7% on Monday, causing a dent in Musk’s wealth. Musk had previously surpassed Bernard Arnault, CEO of LVMH, in May 2023 to recapture the richest person title. The fierce competition for the top spot among these centibillionaires — Bezos, Musk, and Arnault — has been ongoing for several months.

Musk’s 2018 pay package, which was worth over $50 billion and had significantly added to his wealth, was rejected by a Delaware state court judge earlier this year. Furthermore, Tesla’s shares have seen a drop of about 24% since the beginning of the year.

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The title of the wealthiest person often fluctuates every few months, influenced by market performances. However, Musk and Arnault continue to hold immense wealth; since 2020, the combined net worth of the world’s five richest individuals has grown 114% to $869 billion, accounting for inflation, according to Oxfam's annual inequality report.

Why It Matters: The rivalry between Bezos and Musk has been well-documented, with both being key players in the tech and space industries. However, recent interactions suggest a shift towards mutual respect and potential collaboration, despite the ongoing competition for wealth and success in their respective fields.

Bezos’s wealth has been boosted by the continued success of Amazon and his recent decision to sell up to 50 million of his Amazon shares over the next year. This decision came as Amazon’s stock continued to surge in the market.

On the other hand, Musk’s wealth has been affected by the declining performance of Tesla’s shares. His ambitious ventures in the tech industry, such as the development of autonomous humanoid robots, continue to create buzz, but it remains to be seen how these initiatives will impact his wealth in the future.

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