Elon Musk Is No Longer The Richest Person In The World

By Consultants Review Team Tuesday, 05 March 2024

Elon Musk isn't the richest person in the world for the first time in almost nine months. Musk lost his top spot on the Bloomberg Billionaires Index to Jeff Bezos following Monday's 7.2% decline in Tesla Inc. shares. Bezos is worth $200.3 billion, whereas Musk is now worth $197.7 billion.

The 60-year-old founder of Amazon.com Inc., Bezos, has not come in first on Bloomberg's list of the wealthiest people since 2021.

The 52-year-old Musk and Bezos's wealth disparity, which was once as high as $142 billion, has been closing as the prices of Amazon and Tesla's shares move in different ways. Although both are part of the renowned Magnificent Seven firms that have driven the US equity markets, since late 2022, Amazon's shares have more than doubled and are on the verge of reaching all-time highs. Tesla has dropped almost 50% from its high in 2021.

After initial statistics revealed that shipments from Tesla's Shanghai facility plummeted to the lowest level in almost a year, the company's shares plunged on Monday. Meanwhile, Amazon just had its largest increase in online sales since the beginning of the pandemic

Pay PackageAfter a Delaware judge invalidated Musk's $55 billion compensation plan at Tesla, where he serves as CEO, his fortune may suffer much more. The ruling supported one investor who had contested Musk's payout scheme, which was the biggest in recorded history.

Along with his shares in SpaceX and Tesla, one of Musk's biggest assets is the options that were part of the canceled plan. They are still taken into account by the Bloomberg index when determining his net worth.

Bezos's 9% ownership position in Amazon accounts for the great bulk of his wealth. Even after selling 50 million shares for almost $8.5 billion last month, he remains the largest stakeholder in the online store.

For Bezos, the top spot in the wealth rankings is a comfortable one. In 2017, he first surpassed Bill Gates, the co-founder of Microsoft Inc., to become the richest person in the world. However, a sharp increase in Tesla's stock price left Bezos and Elon Musk vying for the top slot throughout the whole of 2021. He slipped far behind by the end of that year and hasn't reclaimed the top spot until today.

Current Issue