For the first time in over nine months, Elon Musk finds himself dethroned as the world's richest person, with Jeff Bezos reclaiming the top spot on the Bloomberg Billionaires Index. The shift occurred after Tesla Inc. shares plunged by 7.2% on Monday, causing Musk's net worth to dip to $197.7 billion, while Bezos' fortune soared to $200.3 billion. This marks Bezos' first time at the helm of Bloomberg's ranking since 2021.
The reversal in fortunes highlights the fluctuating wealth dynamics between Musk, aged 52, and Bezos, aged 60, whose wealth gap, once as wide as $142 billion, has been narrowing as Amazon and Tesla stocks move in opposite trajectories. While Amazon's shares have surged by over 100% since late 2022, nearing record highs, Tesla has seen a decline of approximately 50% from its peak in 2021. The slump in Tesla shares on Monday followed reports of dwindling shipments from its Shanghai factory, hitting a low not seen in over a year. Conversely, Amazon reported its strongest online sales growth since the onset of the pandemic.
Musk's financial setback could be exacerbated by a recent ruling by a Delaware judge invalidating his $55 billion pay package at Tesla, a blow to the CEO whose compensation plan had been the largest in history. The voided options, a significant component of Musk's wealth alongside his stakes in Tesla and SpaceX, continue to factor into Bloomberg's calculations of his net worth.
In contrast, Bezos' vast fortune is primarily derived from his 9% stake in Amazon, making him the company's largest shareholder despite offloading 50 million shares valued at approximately $8.5 billion last month. Bezos, accustomed to being at the helm of wealth rankings, first surpassed Bill Gates as the world's richest person in 2017. Although Musk's Tesla stock rally briefly challenged Bezos' supremacy throughout 2021, Bezos has now regained the coveted title, with Bernard Arnault, chairman of LVMH Moet Hennessy Louis Vuitton, also emerging as one of the world's wealthiest individuals with a net worth of $197.5 billion.