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Jeff Bezos Overtakes Elon Musk as World’s Richest Person

Jeff Bezos Overtakes Elon Musk as World’s Richest Person

Jeff Bezos has reclaimed the title of the world’s richest person, surpassing Elon Musk. Bezos, the 60-year-old founder of Amazon, now holds the top spot on Bloomberg’s ranking, a position he last held in 2021. His net worth has reached an impressive $200.3 billion. This shift in wealth dynamics marks a significant change between Bezos and Musk, aged 52.

The wealth gap between the two has been narrowing as Amazon and Tesla shares move in opposite directions. While both companies are part of the so-called Magnificent Seven stocks that have driven US equity markets, Amazon’s shares have more than doubled since late 2022 and are approaching a record high. In contrast, Tesla’s stock has declined by about 50% from its peak in 2021. On Monday, Tesla shares fell after preliminary data revealed a slump in shipments from its Shanghai factory to the lowest point in over a year. Meanwhile, Amazon is benefiting from robust online sales growth since the early days of the pandemic.

Bezos’s wealth primarily comes from his 9% stake in Amazon, making him the company’s largest shareholder. Even after unloading 50 million shares worth approximately $8.5 billion last month, Bezos remains atop the wealth rankings. He first surpassed Microsoft co-founder Bill Gates as the world’s richest person in 2017. Although Musk rallied significantly in Tesla shares during 2021, Bezos has now regained the No. 1 position.

It’s fascinating to witness these fluctuations in fortunes among the world’s wealthiest individuals. As for Musk, his net worth currently stands at $197.7 billion. The battle for the top spot continues, and the dynamics of wealth remain ever-changing.

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