Elon Musk surpassed by Jeff Bezos as world's richest man
Amazon founder Jeff Bezos (Getty Images)
Amazon's founder, Jeff Bezos, has once again reclaimed the title of the world's wealthiest individual, surpassing Elon Musk and ascending to the top of the billionaire index for the first time since fall 2021, according to The Wall Street Journal.
As of Monday, March 4, Bezos' net capital stood at $200 billion. Elon Musk's personal wealth amounted to $198 billion, while Bernard Arnault, the head of LVMH, trailed closely behind with $197 billion.
In recent years, Musk, Arnault, and Bezos have been trading places at the summit of the rankings, which assess personal fortunes based on market fluctuations, economic indicators, and other financial reports.
Bezos amassed a significant portion of his wealth through the e-commerce giant Amazon, which he founded in 1994 in his garage in Seattle. Additionally, he founded the space company Blue Origin and acquired The Washington Post for $250 million.
He reclaims the unofficial title of the world's richest person as he sells off a portion of his Amazon shares. Over the past few weeks, Bezos has offloaded Amazon shares totaling over $8.5 billion, a move that may have tax implications.
Currently serving as the executive chairman of Amazon's board of directors, Bezos purchased property in Miami last year and spends time on his $500 million superyacht with his partner, Lauren Sanchez. His wealth is projected to increase by approximately $23 billion in 2024.
Meanwhile, Musk's net worth has dropped by $31 billion this year as shares of his electric vehicle company, Tesla, have plummeted by 24% over the past year.
Earlier this year, Musk suffered a legal setback when a judge overturned a decision to award him compensation for his work at Tesla, an amount totaling $55.8 million.
