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Jeff Bezos, the founder of Amazon, has surpassed Elon Musk, the CEO of Tesla, to become the world’s richest person. This shift in wealth ranking is analyzed due to the differing stock price trends of Amazon and Tesla.
According to the Bloomberg Billionaires Index on the 4th (local time), Bezos’s net worth is calculated at 200.3 billion dollars, which is 2.6 billion dollars more than Musk’s 197.7 billion dollars. This is the first time Bezos has topped the Bloomberg wealth ranking since 2021. Bezos first became the world’s richest person in 2017 by surpassing Microsoft (MS) co-founder Bill Gates. Afterward, as Tesla’s stock price soared, Bezos competed with Musk for the top spot.
This result appears to be due to the diverging stock prices of Amazon and Tesla. Both Amazon and Tesla belong to the so-called “Magnificent 7” stocks, but their stock prices have moved in opposite directions. Amazon’s stock price has more than doubled since the end of 2022, nearing an all-time high, while Tesla has fallen about 50% from its 2021 peak.
Tesla, in particular, has been experiencing a string of negative data lately, adding to its downtrend. Today, the stock plunged 7.16% after news that February shipments from its Shanghai, China, factory recorded 60,365 vehicles, the lowest since December 2022.
Some observers believe the gap could grow even wider. A Delaware court recently ruled to invalidate Musk’s $55.8 billion stock compensation package received from Tesla’s board in 2018. “The options included in the court-voided plan are among Musk’s biggest assets,” Bloomberg reported, “and his fortune could take a further hit after his pay package is canceled.”
Meanwhile, in this ranking, Bernard Arnault, the chairman of LVMH, ranked third with $197.5 billion.
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