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Saturday June 22, 2024

Elon Musk reclaims world's second richest person spot from Jeff Bezos

Jeff Bezos again loses spot of second richest person to Elon Musk, according to Forbes list of billionaires

By Web Desk
May 22, 2024
Elon Musk regain title of world second richest person. (Elon Musk, the CEO of Tesla and SpaceX. — Invision)
Elon Musk regain title of world second richest person. (Elon Musk, the CEO of Tesla and SpaceX. — Invision)

Elon Musk, the CEO of Tesla and SpaceX, has regained his position as the world's second-richest person, surpassing Jeff Bezos, the founder of Amazon.

Elon Musk, the big boss of Tesla, SpaceX, Neuralink, and X, has jumped back to being the second richest person in the world. He’s now richer than Jeff Bezos, the guy who started Amazon, with his wealth close to $200 billion as of Tuesday. But, he’s still not the richest - that title goes to Bernard Arnault, the top guy at LVMH, a big fashion company.

The increase in Elon Musk’s net worth was caused by a 6% surge in Tesla shares, which are now valued at over $185 each. Despite a dip in late 2021, Tesla's shares have rebounded, climbing nearly 30% over the past month.

The surprise rally in Tesla shares is partly due to a reported deal between Tesla and Chinese internet giant Baidu to bring electric vehicles to China.

On the other hand, Jeff Bezos lost an estimated $1.5 billion on Tuesday. This caused his net worth to slip just below $200 billion. This dip was due to a slight slump in Amazon shares, which dropped just over 1% to roughly $181.

Musk and Bezos have been swapping places on Forbes' real-time billionaires list since August 2021. The two billionaires have taken the lead from one another on 13 separate occasions during March alone.

Despite recent Wall Street turbulence for Tesla, Musk's company with the biggest market cap at $566.23 billion, Bezos reclaimed the second spot earlier this month.

Bernard Arnault, the world’s richest man, has a net worth of roughly $210.8 billion. He is just over $10 billion ahead of Bezos and Musk.

The 75-year-old billionaire is chairman and CEO of LVMH, the fashion empire behind brands like Bulgari, Christian Dior, Sephora, and Louis Vuitton.