- Elon Musk’s reign as the world’s wealthiest individual has come to an end, with Jeff Bezos reclaiming the top spot for the first time since 2021.
- The change in fortune occurred as Tesla Inc. shares plummeted 7.2% on Monday, causing Musk’s net worth to dip to $197.7 billion.
- Bezos surged ahead with a fortune of $200.3 billion.
- The wealth gap between the two titans, which had once exceeded $142 billion, has been steadily narrowing as the trajectories of Amazon and Tesla stocks diverge.
- Musk’s financial setback may deepen further following a Delaware court’s decision to invalidate his $55 billion pay package at Tesla, the largest in history.
- Bernard Arnault, chairman of LVMH Moet Hennessy Louis Vuitton, also joins the ranks of the world’s wealthiest with a net worth of $197.5 billion.
The wealth gap between the two titans, which had once exceeded $142 billion, has been steadily narrowing as the trajectories of Amazon and Tesla stocks diverge. Amazon’s shares have soared, doubling in value since late 2022 and edging closer to record highs, while Tesla has experienced a significant decline, down nearly 50% from its peak in 2021.
Tesla’s stock decline on Monday was exacerbated by preliminary data indicating a slump in shipments from its Shanghai factory, contrasting with Amazon’s robust online sales growth, which is the best it has seen since the early stages of the pandemic.
Musk’s financial setback may deepen further following a Delaware court’s decision to invalidate his $55 billion pay package at Tesla, the largest in history. This package, which included significant options, is one of Musk’s primary assets, alongside his stakes in Tesla and SpaceX.
In contrast, the majority of Bezos’s wealth stems from his 9% stake in Amazon, making him the company’s largest shareholder even after divesting 50 million shares worth approximately $8.5 billion last month. This marks a familiar return to the top for Bezos, who first surpassed Bill Gates as the world’s richest person in 2017.
Bernard Arnault, chairman of LVMH Moet Hennessy Louis Vuitton, also joins the ranks of the world’s wealthiest with a net worth of $197.5 billion.
The shifting fortunes of Musk and Bezos underscore the dynamic nature of wealth accumulation in today’s volatile markets. While Bezos consolidates his position at the summit, Musk faces challenges in maintaining his financial dominance amidst fluctuating market conditions and legal battles.
(With inputs from agencies)
