Jeff Bezos becomes world`s richest man
(MENAFN) In a recent development, Amazon founder Jeff Bezos has regained the coveted title of the world's richest person, ousting Tesla CEO Elon Musk from the top spot, according to Bloomberg's Billionaires Index, a comprehensive listing of the world's 500 wealthiest individuals. As of Tuesday, Bezos boasts a net worth of USD200 billion, while Musk trails closely behind at USD198 billion. The reversal of fortunes comes as Musk faced a substantial dip in Tesla stock, leading to a loss of more than USD31 billion over the past year, while Bezos' net worth surged by more than USD23 billion.
MarketWatch attributes Musk's descent from the pinnacle of the wealth rankings to the decline in Tesla stock, which experienced a more than 7 percent slide on Monday. This drop followed the introduction of price cuts and discounts by the electric vehicle manufacturer in the United States and China. Since the beginning of the year, Tesla's stock has witnessed a notable decline, falling approximately 24 percent.
This marks the first time since late 2021 that Jeff Bezos has reclaimed the top position on Bloomberg's Billionaires Index. Bezos, known for founding Amazon, the world's largest online retailer, holds approximately 9 percent of the company. Additionally, Bezos is the sole owner of Blue Origin, a space exploration company, and various other businesses.
According to Bloomberg, the third richest individual globally is Bernard Arnault, the CEO of LVMH (Louis Vuitton Moët Hennessy), a French luxury goods conglomerate. Bezos, Musk, and Arnault have been engaged in a longstanding competition for the title of the world's richest person. Notably, these three individuals are the only ones to have surpassed the USD200 billion threshold in net worth, underscoring the magnitude of their financial influence on the global stage.
The ever-changing dynamics of the billionaires' club highlight the volatility in the wealth rankings, influenced by stock market fluctuations and business decisions. As the competition for the top spot continues, the fortunes of Bezos, Musk, and Arnault remain closely watched, reflecting the broader trends in the global economy and the rapid shifts in individual net worth.
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