Jeff Bezos has reclaimed the title of the world’s richest person, according to the Bloomberg Billionaires Index. With a net worth of $200 billion, Bezos saw an increase of $23.4 billion in 2024. This marks his return to the top spot since the fall of 2021. Meanwhile, Elon Musk dropped to No. 2 with a net worth of $198 billion, following a significant decline in Tesla’s stock value. Bernard Arnault remains at the top according to Forbes, with a net worth of $228.8 billion. Musk’s wealth has been impacted by Tesla’s stock performance, which plummeted by over 24% in early 2024. Additionally, a judge voided Musk’s historic $56 billion executive compensation package. Bezos, on the other hand, sold $8.4 billion worth of Amazon shares in just nine trading days last month, potentially saving $600 million in taxes due to his recent relocation to Florida.
Jeff Bezos Reclaims Title of World’s Richest Person
Jeff Bezos, the founder and executive chairman of Amazon, has once again ascended to the pinnacle of wealth, surpassing Elon Musk to reclaim the title of the world’s richest person. Here’s the latest on Bezos’ financial triumph:
Jeff Bezos Returns to the Top
- Bezos has reclaimed the coveted top spot on the Bloomberg Billionaires Index, solidifying his status as the wealthiest individual globally. His net worth stands at an astounding $200 billion, marking an impressive increase of $23.4 billion in 2024.
Musk Slips to Second Place
- Elon Musk, the CEO of Tesla, has been relegated to second place with a net worth of $198 billion. Musk’s wealth has experienced a significant decline this year, amounting to $31.3 billion, primarily due to Tesla’s stock plummeting by over 24% at the start of 2024.
A Familiar Rivalry
- Jeff Bezos, Musk, and Bernard Arnault, chairman of luxury conglomerate LVMH, have long engaged in a dynamic exchange for the title of the world’s richest person. While Bezos now leads the Bloomberg ranking, Arnault maintains his position at the top according to Forbes.
Differing Rankings
- Forbes, known for its alternative methodology in calculating net worth, continues to place Arnault and his family as the wealthiest, with a staggering $228.8 billion. Musk follows in second place with $202.3 billion, while Bezos trails closely behind at $198.5 billion.
As Bezos reclaims his throne atop the wealth hierarchy, the ongoing rivalry among these titans of industry continues to captivate global attention.
Musk’s Wealth Plunges Amid Tesla Stock Struggles
Elon Musk, whose net worth is closely linked to Tesla’s performance, has faced significant losses in recent weeks as the electric vehicle manufacturer’s stock tumbled. Here’s the latest on Musk’s financial challenges:
- The value of Tesla’s stock has experienced a sharp decline in the first two months of the year, causing it to rank among the poorest performers on the S&P 500 index. This downturn has directly impacted Musk’s wealth, given his substantial holdings in the company.
Legal Setback Hits Musk
- Musk suffered another setback early this year when a judge invalidated his historic $56 billion executive compensation package. The ruling deemed the package unfair to shareholders, dealing a further blow to Musk’s financial standing.
Bezos’ Strategic Stock Sales
While Musk faces adversity, Jeff Bezos has taken strategic actions to manage his wealth:
Bezos’ Stock Sell-Off
- Bezos executed a significant sell-off of Amazon shares, divesting 50 million shares valued at approximately $8.4 billion over just nine trading days last month. These transactions marked Bezos’ first sale of Amazon stock since 2021.
Tax Savings Strategy
- Jeff Bezos’ relocation to Florida, a state with no capital gains tax, could result in substantial tax savings on his Amazon stock sales. Estimates suggest Bezos may save nearly $600 million in taxes due to this strategic move. Read More
As Musk grapples with Tesla’s stock struggles and legal challenges, Bezos’ calculated financial maneuvers underscore the complexities of managing immense wealth in a dynamic market landscape.
