Monday, April 15, 2024

Jeff Bezos overtakes Elon Musk to become the wealthiest person on the planet once more

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Jeff Bezos is now considered the richest person on the planet again, beating Elon Musk, as per the Bloomberg Billionaires Index on Monday.

Bezos, the person behind Amazon, has a net worth of $200 billion, while Musk is just behind with $198 billion. Over the last year, Musk lost about $31 billion, but Bezos gained $23 billion, according to the index.

On Monday, Tesla shares went down more than 7%.

Musk had become the world’s richest person in May 2023, surpassing LVMH CEO Bernard Arnault, who oversees a huge company with brands like Louis Vuitton, Dior, and Celine. These three super-rich people, Musk, Arnault, and Bezos, have been competing for the top position for months. Arnault got the title as his wealth rose due to a boom in luxury goods sales that boosted LVMH’s stock price.

This year, a court judge in Delaware rejected Musk’s 2018 pay package, which was over $50 billion and contributed to making him one of the richest people globally. Tesla shares also dropped by about 24% this year.

The title of the richest person on Earth changes every few months, depending on market performance. Both Musk and Arnault still have a lot of wealth. Since 2020, the combined net worth of the five wealthiest people globally has increased by 114% to a total of $869 billion, considering inflation, according to Oxfam’s annual inequality report.

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