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Business News/ News / World/  Bezos vs Musk: Elon Musk loses world's richest person title to Jeff Bezos after Tesla tumbles 7.2%

Bezos vs Musk: Elon Musk loses world's richest person title to Jeff Bezos after Tesla tumbles 7.2%

Elon Musk loses world's richest person title to Jeff Bezos after Tesla tumbles 7.2 per cent on March 4 trading session.

Amazon founder Jeff Bezos (AP)Premium
Amazon founder Jeff Bezos (AP)

Elon Musk has relinquished his title as the world's richest person for the first time in over nine months, according to the Bloomberg Billionaires Index.

The shakeup comes after a 7.2 per cent tumble in Tesla's share price on March 4. Musk's net worth now sits at USD 197.7 billion, while Jeff Bezos, founder of Amazon, reclaims the top spot with a fortune of USD 200.3 billion.

This marks Bezos' first return to the top of Bloomberg's ranking since 2021. The wealth gap between the two tech titans, once as wide as $142 billion, has narrowed significantly as fortunes shift with opposing stock trends.

While both companies are part of the "Magnificent Seven" stocks that have fueled the US market, Amazon has seen its shares more than double since late 2022 and is nearing all-time highs. In contrast, Tesla's stock price has dipped by roughly 50 per cent compared to its 2021 peak.

Tesla's share price drop was attributed to preliminary data showing a significant decline in shipments from its Shanghai factory, reaching its lowest level in over a year. Meanwhile, Amazon is experiencing its best online sales growth since the pandemic's early days, according to the Bloomberg report.

Musk's wealth could face further challenges following a Delaware court ruling that struck down his USD 55 billion pay package at Tesla, deeming it excessive. While the options included in the voided plan remain part of his net worth calculation for now, they were one of his most valuable assets.

Bezos, on the other hand, draws the majority of his fortune (around 9 per cent) from his stake in Amazon, remaining the company's largest shareholder despite recently selling $8.5 billion worth of shares.

This isn't Bezos' first time holding the title of world's richest. He initially surpassed Microsoft co-founder Bill Gates in 2017 but then engaged in a wealth competition with Musk throughout much of 2021. Although he briefly fell behind, Bezos now reclaims the top spot.

While Musk and Bezos fight for the top spot, Bernard Arnault, chairman of LVMH, the world's largest luxury goods company, remains a significant contender in the wealth race with a net worth of $197.5 billion.

(With Inputs from Bloomberg)

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Published: 05 Mar 2024, 06:30 AM IST
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