Elon Musk is no longer the world's richest person for the first time in more than nine months.
Musk lost the top spot on the Bloomberg Billionaires Index to Jeff Bezos after Tesla shares fell 7.2% on Monday. Musk's net worth is currently $197.7 billion. Bezos is worth $200.3 billion.
This is the first time since 2021 that Amazon.com founder Bezos (60) has topped Bloomberg's list of richest people.
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The difference in wealth between Mr. Musk, 52, and Mr. Bezos was at one point as much as $142 billion, but it is narrowing as Amazon and Tesla stocks move in opposite directions. Both companies are among the so-called “Magnificent Seven” stocks that have been driving the U.S. stock market, and Amazon shares have more than doubled since the second half of 2022, and are within range of record highs. Tesla is down about 50% from its 2021 peak.
Tesla shares fell on Monday after preliminary data showed shipments from the company's Shanghai factory fell to the lowest level in more than a year. Meanwhile, Amazon has posted its best online sales growth since the early days of the pandemic.
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Musk's wealth could take another hit after a judge in Delaware revoked his $55 billion compensation package at Tesla, where he is chief executive. The decision sided with investors who had objected to Musk's compensation plan, which was the largest in history.
The options included in the defunct plan are among Musk's largest assets, along with Tesla and SpaceX stock. The Bloomberg index continues to include them in its calculation of his wealth.
The bulk of Bezos' wealth comes from his 9% stake in Amazon. He remains the online retailer's largest shareholder after selling 50 million shares worth about $8.5 billion last month.
For Bezos, being at the top of the wealth rankings is a familiar perch. He became the world's richest person for the first time in 2017, overtaking Microsoft co-founder Bill Gates.
But Tesla's massive rally in stock has left Bezos competing for the top spot with Musk for much of 2021. Later that year, he fell far behind and was unable to regain the number one spot until now.
Bernard Arnault, 74, chairman of LVMH Moët Hennessy Louis Vuitton, the world's largest luxury goods manufacturer, is also one of the world's wealthiest people with a net worth of $197.5 billion.
© 2024 Bloomberg