Jeff Bezos Reclaims Title of World’s Richest Man, Surpassing Elon Musk

Victor Eke
Victor Eke March 5, 2024
Updated 2024/03/05 at 10:30 AM
Jeff Bezos and Elon Musk

 

Jeff Bezos and Elon Musk

Amazon founder Jeff Bezos has once again ascended to the pinnacle of wealth, overtaking Elon Musk to reclaim the title of the world’s richest man. According to the Bloomberg Billionaires Index, as of Monday, March 4th 2024, Bezos boasts a staggering net worth of $200 billion, eclipsing Tesla chief Elon Musk’s $198 billion fortune.

 

Musk, who also heads X (formerly Twitter) and SpaceX, has witnessed a significant decline in wealth, with his net worth plummeting by over $30 billion in recent months. This downturn is attributed in part to a 25 percent drop in Tesla’s share price.

 

In a further blow to Musk’s financial standing, a court ruling in January sanctioned the nullification of his colossal Tesla compensation package, originally valued at $55.8 billion and established in 2018.

 

Meanwhile, Bezos, who has relinquished his role as Amazon’s CEO, has reaped the benefits of the e-commerce behemoth’s soaring stock performance. Despite divesting $8.5 billion in stocks recently, he retains his status as the company’s largest shareholder.

 

Bernard Arnault, the CEO of luxury conglomerate LVMH, maintains his position as the third-wealthiest individual globally, with a net worth of $197 billion, according to the latest rankings.

 

Bezos’ resurgence to the top spot highlights the dynamic nature of wealth accumulation among the world’s elite, influenced by market fluctuations and strategic business decisions. As the race for the title of the world’s richest person continues, observers closely monitor the fortunes of Bezos, Musk, and other prominent figures.

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