IMPORTANT POINTS:
- Jeff Bezos has surpassed Elon Musk, once again becoming the richest person in the world with a fortune of $200 billion.
- The competition for wealth between Bezos and Musk remains intense, significantly influenced by fluctuations in the stock market.
- Both magnates show a shift towards mutual respect and possible collaboration, despite their historical rivalry in the technology and space sector.
Amazon Inc. founder Jeff Bezos has once again claimed the title of the world’s richest individual, surpassing Tesla Inc. CEO Elon Musk on Monday.
Increase in Bezos’ fortune
Bezos’ fortune rose to $200 billion, surpassing Musk’s $198 billion. Bezos, the founder of Amazon, increased his wealth by about $23 billion in the last year, while Musk saw a decrease of about $31 billion, according to the Bloomberg Billionaires Index.
Tesla shares fell more than 7% on Monday, causing a dent in Musk’s fortune. Musk had previously surpassed Bernard Arnault, CEO of LVMH, in May 2023 to regain the title of richest person. The intense competition for first place between these centi-billionaires—Bezos, Musk and Arnault—has been constant for several months.
Impact on market and wealth
Musk’s 2018 compensation package, which was worth more than $50 billion and had added significantly to his wealth, was rejected by a Delaware state court judge earlier this year. Additionally, Tesla stock has seen a drop of approximately 24% since the start of the year.
The title of the richest person usually fluctuates every few months, influenced by market performance. However, Musk and Arnault continue to possess immense wealth; Since 2020, the combined fortune of the world’s five richest people has grown 114% to $869 billion, taking inflation into account, according to Oxfam’s annual inequality report.
Rivalry and respect between tycoons
The rivalry between Bezos and Musk has been well documented, with both being key figures in the technology and space industries. However, recent interactions suggest a shift toward mutual respect and potential collaboration, despite continued competition for wealth and success in their respective fields.
Bezos’ wealth has been boosted by the continued success of Amazon and his recent decision to sell up to 50 million of his Amazon shares over the next year. This decision came as Amazon shares continued to skyrocket in the market.
On the other hand, Musk’s fortune has been affected by the declining performance of Tesla shares. His ambitious ventures in the tech industry, such as the development of autonomous humanoid robots, continue to generate buzz, but it remains to be seen how these initiatives will impact his wealth in the future.
