Elon Musk Has Been Toppled As The World’s Richest Man – Again

The creator of Amazon, Jeff Bezos, has surpassed Tesla CEO Elon Musk to reclaim his status as the richest man in the world. Bezos’s net worth is $200 billion, which is more than Musk’s $198 billion, according to the Bloomberg Billionaires Index. This change in ranking occurs as a result of Bezos’s net worth increasing by $23 billion thus far in 2024, while Musk’s has decreased by roughly $31 billion.
These two billionaires’ financial success has strongly correlated with the stock market performance of their respective enterprises. This year, Amazon’s share price has increased by over 18%, which has greatly increased Bezos’ wealth. Musk’s net worth has been impacted by the 24% decline in Tesla’s shares.

With 9.56 percent of Amazon’s shares owned, Bezos continues to be the company’s largest shareholder even after selling shares worth $8.5 billion earlier this month. That being said, Musk owns about 20 percent of the company’s equity.
This latest event represents a change from earlier in the year, when Musk overtook LVMH chairman and CEO Bernard Arnault to take the top spot on the rich list. Arnault’s $197 billion net wealth currently places him third.

Bezos, Musk, and Arnault have been engaged in a vigorous battle to become the richest person in the world, and their ranks have fluctuated in response to changes in the stock market and other economic factors. This most recent event validates Bezos’ position as one of the world’s most prosperous businessmen, a distinction he has maintained for the most of the previous ten years.

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