Jeff Bezos has once again become the wealthiest person on the planet, overtaking Elon Musk, as reported by the Bloomberg Billionaires Index on Monday.
Amazon’s founder had a net worth of $200 billion, with Elon Musk close behind at $198 billion. According to the index, Jeff Bezos’ wealth has increased by $23 billion over the past year, while Musk’s has decreased by about $31 billion.
Shares of Tesla dropped over 7% on Monday.
In May 2023, Musk became the world’s richest person again, surpassing LVMH CEO Bernard Arnault, who oversees a conglomerate with brands like Louis Vuitton, Dior, and Celine. For months, Musk, Arnault, and Bezos have been competing for the top spot as the three centibillionaires. Arnault held the title as his wealth increased because of a surge in luxury goods sales that boosted LVMH’s stock price.
In 2021, a judge in Delaware invalidated Musk’s compensation plan from 2018, which was valued at over $50 billion and contributed to his status as one of the wealthiest individuals globally. Tesla shares have also dropped by approximately 24% since the beginning of the year.
The title of the richest person on earth frequently changes due to market conditions. Since 2020, the net worth of the five wealthiest individuals on earth has surged by 114% to a total of $869 billion, after adjusting for inflation, as per Oxfam’s annual inequality report. Musk and Arnault continue to possess significant wealth.
