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Jeff Bezos Overtakes Elon Musk As The World’s Wealthiest
https://www.whatjobs.com/news/usa/us-business-news/jeff-bezos-overtakes-elon-musk-as-the-worlds-wealthiest
By Nithya Bose in Business News, posted March 5, 2024
Jeff Bezos has once again surpassed Elon Musk to become the world’s richest person, as the latest Bloomberg Billionaires Index indicates.
Amazon owner Bezos's fortune reached $200 billion, nudging ahead of Musk's $198 billion.
Over the last year, Musk witnessed a $31 billion reduction in his net worth, while Bezos experienced a $23 billion increase.
Musk was hit by Tesla's stock value dropping over seven percent on Monday, March 4.
Musk had previously seized the title in May 2023, surpassing Bernard Arnault, the CEO of LVMH, which owns luxury brands such as Louis Vuitton and Dior.
The trio of Musk, Arnault, and Bezos have been vying for the crown.
Arnault temporarily claimed the spot as luxury goods sales surged, boosting LVMH's shares.
Earlier this year, a Delaware court decided to invalidate Musk's 2018 compensation package, valued at over $50 billion.
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The pay significantly contributed to his wealth.
Tesla's stock has also seen a 24 percent decline since the start of the year.
The ranking of the world's richest often fluctuates with market dynamics.
Despite recent changes, Musk and Arnault remain immensely wealthy.
Since 2020, the combined net worth of the planet's five wealthiest people has exploded by 114 percent to $869 billion, factoring in inflation, as reported by Oxfam's annual inequality report.
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