Jeff Bezos reclaimed his title as the world’s wealthiest individual, surpassing Elon Musk with a net worth of $200 billion, as reported by the Bloomberg Billionaires Index.
Jeff Bezos has once again secured the title of the world’s richest individual, overtaking Elon Musk with a substantial net worth of $200 billion, as indicated by the latest Bloomberg Billionaires Index.
In the financial rollercoaster of 2024, Bezos experienced a noteworthy increase of $23 billion in his wealth, while Elon Musk faced a considerable setback, witnessing a loss of approximately $31 billion during the same period, according to the index.
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This financial tug-of-war closely mirrors the performance of the respective companies these billionaires founded. Amazon, of which Bezos is a significant shareholder, saw its share price surge by an impressive 18 percent this year. In contrast, Tesla, led by Musk and where he holds a substantial equity stake of about 20 percent, experienced a 24 percent drop in its stock value.
Even though Jeff Bezos recently divested $8.5 billion worth of Amazon shares, a move that might have signaled a reduction in his stake, he remains the largest shareholder in the e-commerce giant, holding an impressive 9.56 percent stake. On the other hand, Elon Musk, despite the setback in Tesla’s stock performance, continues to maintain a robust equity position in the electric vehicle company.
The narrative of this financial reshuffling took an interesting turn in January when a U.S. judge invalidated a Tesla pay package for Musk, originally valued at up to $55.8 billion. The judge cited significant flaws in the process used to approve Musk’s remuneration. This legal development marked a crucial moment in the ongoing saga of these billionaire titans.
It’s worth noting that Musk had earlier dethroned Bernard Arnault, the chairman and CEO of luxury goods company LVMH, to claim the top spot on the rich list back in May. However, Arnault now finds himself in the third position with a net worth of $197 billion.
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The constant jockeying for the top position among Bezos, Musk, and Arnault in recent years reflects the dynamic nature of this ranking, which is intricately tied to fluctuations in the stock market and other economic indicators. The chessboard of wealth, it seems, is always in flux.