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Sunday, June 23, 2024

Jeff Bezos Overtakes Elon Musk To Regain The Title Of Richest Man In The World

Amazon CEO Jeff Bezos regained his first place on the list of the world’s richest people, returning that title to Tesla CEO and SpaceX founder Elon Musk just weeks after his defeat.

Tesla shares fell more than two percent on Tuesday, kicking off about $ 4 billion from Musk’s fortune, according to ratings site estimates. The fall marked the end of Musk’s six-week reign as the richest man in the world, according to Forbes, which currently estimates his fortune at $ 173.4 billion, up from Bezos’ $ 190.3 billion.

As a result, Bezos regained the title that he held for nearly three years before Musk briefly surpassed him. The Amazon founder’s net worth has grown in recent years along with his company’s stock price. However, it is still possible that the two billionaires will switch places again in the near future.

Bezos is gearing up to leave his post as CEO of the online shopping giant later this year to focus on other projects. This comes as Amazon’s business flourished during the pandemic, with consumers turning to online stores to shop in isolation. This previously allowed Bezos’ net worth to reach $ 200 billion, making him the first person in history to reach that milestone.

Musk recently found himself at the epicenter of some of the biggest market events, from a Reddit uprising against hedge funds trying to short GameStop shares to a cryptocurrency rally. Nearly all of his statements have sparked a wave in the crypto space, including Tesla’s recent move to invest $ 1.5 billion in bitcoin and resounding support from billionaire dogecoin.

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