Jeff Bezos Becomes World’s Richest Man Again, Surpassing Elon Musk

Jeff Bezos
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According to the Bloomberg Billionaires Index released on Monday, Jeff Bezos has once again become the wealthiest individual globally, surpassing Elon Musk. The net worth of the Amazon founder stands at $200 billion, while Musk follows closely at $198 billion. Over the past year, Musk has experienced a loss of approximately $31 billion, whereas Bezos has seen an increase of $23 billion, as per the index. Tesla shares witnessed a decline of more than 7% on Monday.

In May 2023, Musk had regained the title of the world’s wealthiest person, surpassing LVMH (LVMHF) CEO Bernard Arnault, who oversees one of the largest conglomerates globally, encompassing brands like Louis Vuitton, Dior, and Celine. Musk, Arnault, and Bezos, all centibillionaires, have been vying for the top spot for several months. Arnault had previously held the title as his wealth surged due to increased sales of luxury goods, which contributed to LVMH’s stock price rise.

Earlier this year, a Delaware state court judge invalidated Musk’s 2018 compensation package, valued at over $50 billion, which played a significant role in elevating him to one of the wealthiest individuals globally. Tesla shares also experienced a decline of approximately 24% year-to-date.

Indeed, the designation of the wealthiest person on the planet changes every few months, largely influenced by market performance. Nonetheless, Musk and Arnault retain substantial wealth. Oxfam’s annual inequality report indicates that since 2020, the combined net worth of the five richest individuals worldwide has surged by 114% to reach a total of $869 billion, adjusting for inflation.

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