New York
CNN
—
Jeff Bezos has reclaimed the title of the richest individual on Earth, surpassing Elon Musk, according to the Bloomberg Billionaires Index on Monday.
The Amazon founder’s internet price was $200 billion, whereas Musk adopted at $198 billion. Musk has misplaced about $31 billion over the previous 12 months, whereas Bezos has gained $23 billion, based on the index.
Tesla shares had tumbled greater than 7% on Monday.
Musk had reclaimed the title of world’s richest person in May 2023, edging out LVMH (LVMHF) CEO Bernard Arnault, who runs one of many world’s greatest conglomerates and consists of manufacturers similar to Louis Vuitton, Dior and Celine. The three centibillionaires — Musk, Arnault and Bezos — have been in competitors with one another for the highest spot for months. Arnault had held the title as his wealth climbed resulting from a growth in luxurious items gross sales that helped drive up LVMH’s inventory worth.
Earlier this 12 months, a Delaware state courtroom decide threw out Musk’s 2018 pay package — price greater than $50 billion — that helped to make him one of many richest folks on the earth. Tesla shares additionally tumbled about 24% year-to-date.
After all, the title of the richest individual on earth swaps each few months, relying on markets efficiency. Musk and Arnault still hold plenty of wealth — since 2020, the online price of the 5 wealthiest folks on earth has skyrocketed 114% to a complete of $869 billion, after taking inflation under consideration, based on Oxfam’s annual inequality report.
– CNN’s Michelle Toh, Tami Luhby and Chris Isidore contributed to this report.