Jeff Bezos dethrones Elon Musk as world's richest person
Elon Musk has been dethroned as the world's richest person by Amazon founder Jeff Bezos. The reduction in Musk's fortunes is mainly attributed to a decline in Tesla's stocks by almost 7%. Bloomberg Billionaires Index reveals that Musk's net worth is currently $197.7 billion, while Bezos's fortune stands at $200.3 billion. This is the first time Bezos has held the top of the world's richest list since 2021.
Tesla shares tumble as Amazon business flourishes
Amazon and Tesla stocks have been moving in opposite directions. Tesla's stock took a 7.2% hit after shipments from Shanghai factory were at their lowest in over a year. Meanwhile, Amazon recently saw its best online sales growth since the pandemic's early days. Amazon shares have more than doubled since late 2022, nearing a record high, while Tesla's shares have dropped about 50% from their 2021 peak.
Comparing assets owned by Bezos and Musk
Bezos's wealth primarily comes from his 9% stake in Amazon, making him the largest shareholder even after selling 50 million shares worth around $8.5 billion last month. Musk's wealth could face further decline after a judge invalidated his $55 billion Tesla pay package. The options included in the voided plan are among Musk's most significant assets, along with his stakes in Tesla and SpaceX. Bernard Arnault, the CEO of LVMH group, is currently the world's third richest person ($197 billion).
