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Sunday April 21, 2024

Jeff Bezos dethrones Elon Musk to become richest person on earth

Amazon's stock has more than quadrupled and is getting close to reaching a record high

By Web Desk
March 05, 2024
Amazon founder and world richest man Jeff Bezos (left) and Tesla owner Elon Musk. — AFP/File
Amazon founder and world richest man Jeff Bezos (left) and Tesla owner Elon Musk. — AFP/File

American businessman and chairman of Amazon, Jeff Bezos, has once again dethroned Tesla founder Elon Musk as the world's richest man, CNN reported.

As per the Bloomberg Billionaires Index, Bezos had a net worth of $200 billion, while Musk came in second with $198 billion after Tesla shares fell by 7% and Bezos gained $23 billion.

Based on how the markets perform, the title of the richest person on earth changes every few months. 

According to Oxfam's annual inequality report, since 2020, the combined net worth of the world's five richest people has increased by 114%, or $869 billion, after accounting for inflation. 

Since late 2022, Amazon's stock has more than quadrupled and is getting close to reaching a record high. Tesla has dropped almost 50% from its high in 2021.

Bezos's 9% ownership in Amazon stakes for the 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.

Musk has lost about $31 billion over the past year. 

Earlier this year, a Delaware state court judge threw out Musk’s 2018 pay package — worth more than $50 billion — that helped to make him one of the richest people in the world.