World

Elon Musk loses world’s richest person title to Jeff Bezos

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Staff Reporter

2 years ago

Elon Musk is not the world’s richest person anymore, losing the top spot to Amazon founder and former CEO Jeff Bezos.

The Amazon founder’s net worth currently stands at $200bn, topping the Tesla chief’s $198bn, the Bloomberg Billionaires Index showed. Bezos has gained $23bn so far in 2024, while Musk has lost about $31bn, according to the index.

This is the first time since 2021 that Bezos has topped the list of the richest persons in the world. While Tesla shares continue to crumble, Amazon shares have been climbing the ladder, shrinking the wealth gap between Elon Musk and Bezos over the last few months.

At one point, the difference in net worth between Elon Musk and Jeff Bezos was as wide as $142 billion. Both companies are a part of the Magnificent Seven stocks in the US, but Amazon stock has doubled since 2022 while Tesla shares have tumbled nearly 50 percent since its 2021 peak.

Tesla shares fell on Monday after preliminary data showed shipments from its factory in Shanghai slumped to the lowest in more than a year. Amazon, meanwhile, is coming off its best online sales growth since early in the pandemic.

Elon Musk’s net worth is expected to take another significant hit, and not just because of the major tumble of Tesla shares. Musk’s wealth can further shrink after a Delaware judge struck down his $55 billion pay package at Tesla. The decision took the side of an investor who’d challenged Musk’s compensation plan, which had been the largest in history.

Staff Reporter