Jeff Bezos surpasses Elon Musk as world’s richest person

Jeff Bezos has surpassed Elon Musk as the world’s richest person after a 7.2% drop in Tesla’s shares on Monday. This shift in wealth rankings occurred due to preliminary data showing a decrease in shipments from Tesla’s factory in Shanghai, which led to a decrease in Musk’s net worth to $197.7 billion while Bezos’ fortune rose to $200.3 billion.

Bezos is no stranger to being the world’s richest person, having surpassed Bill Gates in 2017. He spent much of 2021 jockeying with Musk for the top spot before falling behind late in the year. The wealth gap between Musk and Bezos has been shrinking as Amazon and Tesla shares have fluctuated in opposite directions, with Amazon’s shares more than doubling since late 2021, nearing a record high, while Tesla’s shares are down about 50% from their peak in 2021.

Musk may continue to decline after a Delaware judge invalidated his $55 billion pay package at Tesla. This decision favored an investor who had challenged Musk’s compensation plan, which had been the largest in history. The majority of Bezos’ wealth stems from his 9% stake in Amazon, even after selling 50 million shares worth about $8.5 billion recently.

Bernard Arnault, the chairman of LVMH Moet Hennessy Louis Vuitton, is also among the world’s wealthiest individuals with a net worth of $197.5 billion

By Sophia Gonzalez

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