Jeff Bezos overtakes Elon Musk to become the richest person on earth again

Desk Report

Publisted at 10:53 AM, Tue Mar 5th, 2024

Amazon founder Jeff Bezos has once again become the wealthiest person on the planet, surpassing Elon Musk. Bezos, according to the Bloomberg Billionaires Index released on Monday.

Bezos boasts a net worth of $200 billion, while Musk trails closely behind at $198 billion, reports CNN.

Over the past year, Musk's wealth has declined by approximately $31 billion, whereas Bezos has seen an increase of $23 billion, as reported by the index. The value of Tesla shares plummeted by more than 7% on Monday.

Musk had previously reclaimed the title of the world's richest person in May 2023, overtaking Bernard Arnault, the CEO of LVMH, a conglomerate housing prestigious brands like Louis Vuitton, Dior, and Celine. Musk, Arnault, and Bezos, all centibillionaires, have been engaged in a fierce competition for the top spot for several months.

Arnault had held the title as his wealth surged due to increased sales in luxury goods, which boosted LVMH's stock price.

Earlier this year, a Delaware state court judge invalidated Musk's 2018 pay package, valued at over $50 billion, which had contributed to his status as one of the wealthiest individuals globally. Additionally, Tesla shares have declined by about 24% year-to-date.

 

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