Who Surpasses Elon Musk to Become the World’s Richest Man?

Jeff Bezos has recently reclaimed his position as the world’s richest man, surpassing Elon Musk, as per Bloomberg’s billionaire index. Bezos, the founder of Amazon, has a net worth of $200 billion, while Musk’s wealth is estimated at $198 billion. Musk’s fortune diminished by nearly $31 billion over the previous year, whereas Bezos’ wealth increased by $23 billion.

Tesla‘s shares fell approximately 7% on Monday, marking a 25% decrease since the start of the year. This drop is attributed to the disappointing sales figures in China for February, which were lower than the previous year. The decrease in sales is believed to have resulted from increased competition and the slowdown in sales during the Chinese New Year holiday. Market Watch suggests that the decline in Tesla’s shares is due to the company’s decision to cut product prices in China and the USA.

Musk had previously regained the title of world’s richest man in May 2023, outpacing Bernard Arnault, the CEO of LVMH, a global conglomerate that includes brands such as Louis Vuitton, Dior, and Celine. Musk, Arnault, and Bezos have been competing for the top spot for months. Arnault had held the title due to the surge in his wealth brought on by an increase in LVMH’s product sales and share price.

Earlier this year, a Delaware state court judge dismissed Musk’s 2018 pay package — worth over $50 billion — that contributed to his status as one of the world’s wealthiest individuals.

The title of the world’s richest person frequently changes hands, depending on market performance. Despite this, Musk and Arnault maintain substantial fortunes. According to Oxfam’s annual inequality report, the combined net worth of the world’s five richest individuals increased by 114% to $869 billion in 2020, after adjusting for inflation.