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Tuesday May 21, 2024

Elon Musk defeats Jeff Bezos to become second richest man

Tesla CEO's surprise visit to China has proved successful

By Web Desk
April 30, 2024
Musk dethrones Bezos to become worlds second richest man. — AFP/File
Musk dethrones Bezos to become world's second richest man. — AFP/File

Tech billionaire Elon Musk has once again dethroned Amazon founder Jeff Bezos to become the world’s second richest man after stocks surge, Quartz reported.

Musk’s wealth now stands at $205.6 billion after a $14.5 billion stocks increase. Jeff Bezos wealth has boosted to $198.9 billion after a $1.3 billion increase.

In March, Bezos sold up to 50 million Amazon shares worth $8.4 billion, which pushed him ahead of Musk and made him the second richest man in the world. However, he is now back in the third position.

Both businessmen are still behind Bernard Arnault, the chairman of the luxury goods conglomerate LVMH. As per Forbes, Arnault and his family are now worth $210.1 billion after a $3.4 billion decrease.

The Space X founder is only $5 billion short of becoming the richest man on earth.

Most of Musk’s wealth comes from his shares in Tesla. He owns 20.5% of Tesla shares, in addition to six other companies such as Space X, X, Neuralink and xAI.

Tesla’s stock surged after Musk’s highly successful trip to China, where he met with Premier Li Qiang.

The 52-year-old Space X founder’s surprise visit has turned out successful as key regulatory hurdles that hindered its self-driving software have been cleared.

As per reports, Tesla has also signed a contract with Chinese internet company Baidu to use its mapping license for data collection on Chinese roads.