After a span of over nine months, Elon Musk, the owner of Tesla, has once again relinquished his position as the wealthiest individual globally.
Musk’s descent from the pinnacle of the Bloomberg Billionaires Index occurred as shares in Tesla Inc. experienced a 27 percent decline on Monday (Mar 4). Subsequently, the coveted title was claimed by Jeff Bezos, the founder of Amazon.com.
Presently, Musk possesses a net worth of $197.7 billion, while Bezos boasts a fortune of $200.3 billion.
This marks the first occasion since 2021 that the 60-year-old Bezos has ascended to the top of Bloomberg’s list of the wealthiest individuals.
The disparity in wealth between the 52-year-old Musk and Bezos, which once stood at approximately $142 billion, has gradually diminished.
Both individuals are affiliated with the “Magnificent Seven stocks,” which have propelled US equity markets. Since late 2022, Amazon’s shares have more than doubled, whereas Tesla’s shares, which peaked in 2021, have plummeted by 50 percent.
What prompted Bezos’s resurgence in the wealth rankings?
A significant portion of Bezos’s fortune stems from his 9 percent ownership stake in Amazon. Despite offloading 50 million shares valued at nearly $8.5 billion last month, he remains the largest shareholder of the e-commerce giant.
In 2017, Bezos surpassed Microsoft Inc. co-founder Bill Gates to claim the title of the world’s richest person.
However, during much of 2021, Musk maintained his position at the summit owing to a substantial surge in Tesla shares, while Bezos lingered closely behind.
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