Jeff Bezos Ousts Elon Musk to Reclaim Richest Person Title

Jeff Bezos has surpassed Elon Musk to regain his position as the world’s wealthiest individual, with a current net worth of $200 billion, as per the Bloomberg Billionaires Index.

Bezos’ wealth has soared by $23 billion in 2024, while Musk has seen a decline of about $31 billion in the same period.

The fortunes of these tech magnates closely mirror the stock market performances of their respective companies, Amazon and Tesla, given their substantial ownership stakes.

Amazon’s stock has surged over 18% this year, contrasting with Tesla’s 24% drop in share price.

Despite offloading $8.5 billion worth of Amazon shares recently, Bezos retains a substantial 9.56% stake in the e-commerce giant, retaining his position as its largest shareholder.

Musk, on the other hand, holds a sizable equity stake of roughly 20% in Tesla.

In a recent ruling in the US, a judge invalidated a Tesla compensation package for Musk valued at up to $55.8 billion, citing significant flaws in the approval process for his remuneration.

Musk, who also heads X and SpaceX, had briefly claimed the top spot on the wealth rankings in May after surpassing Bernard Arnault, the chairman and CEO of luxury goods company LVMH, who currently sits in third place with a fortune of $197 billion.

The seesaw battle for supremacy among Bezos, Musk, and Arnault has been ongoing, primarily driven by stock market fluctuations and economic indicators.

Source: Al Jazeera and news agencies