Bezos Reclaims World's Richest Person Title with $200 Billion Net Worth
March 6, 2024 Business
In a shift atop the global wealth rankings, Jeff Bezos has surpassed Elon Musk to regain the title of the world's richest person, according to the Bloomberg Billionaires Index.
Bezos Reclaims World's Richest Person Title as Tesla Shares Tumble
Bezos, the founder of Amazon, boasts a net worth of $200 billion, edging out Musk, CEO of Tesla and SpaceX, whose net worth sits at $198 billion. This update follows a year where Musk's wealth declined by $31 billion, while Bezos saw a $23 billion increase. Notably, Tesla shares experienced a significant drop of over 7% on Monday.
This marks Bezos' return to the top spot after Elon Musk briefly held the title, having dethroned LVMH CEO Bernard Arnault in May 2023. These three individuals, dubbed "centibillionaires" due to their wealth exceeding $100 billion, have engaged in a close race for the top spot for several months. Arnault previously held the title due to a surge in luxury goods sales, driving up LVMH's stock price.
Reaching a Total of $869 Billion
Contributing to Musk's wealth decline was a Delaware court ruling earlier this year, invalidating his 2018 compensation package valued at over $50 billion. Additionally, Tesla shares have fallen around 24% so far in 2024.
It's important to note that the title of world's richest person swaps every few months, depending on markets performance. Despite the current ranking, both Musk and Arnault retain significant wealth. According to Oxfam's recent inequality report, the combined net worth of the five wealthiest people has skyrocketed by 114% since 2020, reaching a total of $869 billion adjusted for inflation.