Jeff Bezos dethrones Elon Musk to become the world's richest person again
(COMBO) This combination of file photos shows SpaceX founder Elon Musk in Washington, DC, on March 9, 2020; and Blue Origin founder Jeff Bezos in Washington, DC, on Oct. 22, 2019. (Photo by BRENDAN SMIALOWSKI,MANDEL NGAN/AFP via Getty Images)
For the first time since 2021, Jeff Bezos has reclaimed the title of world's richest person – dethroning Elon Musk on the Bloomberg Billionaires Index.
The Amazon founder’s net worth on Monday stood at $200 billion, according to the index, while Musk, head of SpaceX and Tesla and owner of the social media platform X, came in at $198 billion.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people, and the figures are updated at the close of every trading day in New York.
The switch-up came after Tesla introduced new price cuts in the U.S. and China, causing shares to slide more than 7% on Monday, according to Market Watch. Much of Musk’s net worth comes from Tesla shares, Bloomberg reports.
Adding to Musk's woes, a Delaware court in January denied Musk’s landmark $55.8 billion compensation package awarded by Tesla’s board of directors.
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Musk has lost about $31.3 billion over the past year, the Bloomberg Billionaires Index says. Meanwhile, Bezos has gained $23.4 billion. Bezos sold about 50 million Amazon shares last month, worth roughly $8 billion, and still holds about a 9% stake in the company, according to Market Watch.
FILE - Elon Musk, owner of Tesla and the X (formerly Twitter) platform, attends a symposium on fighting antisemitism titled Never Again : Lip Service or Deep Conversation in Krakow, Poland on January 22nd, 2024 (Photo by Beata Zawrzel/NurPhoto via Ge
Bernard Arnault, the CEO of French luxury goods conglomerate LVMH, came in third on the Bloomberg Billionaires Index with an estimated $197 billion.
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The three richest men, Bezos, Musk, and Arnault, have traded places at the top spot in recent years, often impacted by the stock performance of their respective companies.
This story was reported from Cincinnati.