Bezos Surpasses Musk As World's Wealthiest: Bloomberg Index

Amazon's founder Jeff Bezos dethroned Elon Musk, the CEO of Tesla, as the richest person on the planet, this is according to the Bloomberg Billionaire Index. Now, the shift has occurred between the two technology giants that have succeeded in a period where each one has been having ups and downs.

The fall happens at a time when there is a 7.2 per cent drop in Tesla's stock price on Tuesday. As a result of this, when Musk's net worth is USD 197.7 billion, while Bezos stays on top at USD 200.3 billion. This is most likely the first move by Musk since exceeding nine months without the position.

In addition, the fact that Bezos has returned to this position after a few years away indicates that there was once a movement in the wealth disparity between these two billionaires. The grade difference eventually crushed them to USD 142 billion. It should be highlighted that, in contrast to previous instances, this disparity has no set point of reference when considering the shifting trends in the stock market.

Amazon's shares have doubled since the end of 2022 and are almost at record highs, even though Tesla and the Magnificent Seven are today the titans ruling the American stock market. Even if Tesla's stock price has dropped by 50 per cent from its historic highs in 2021, it is still significantly greater than it was during the previous consolidation period.

Further, Musk may soon have to overcome more challenges in addition to the ones described above. Elon owns 9.5 per cent of the company in Delaware, where a Delaware court recently ruled that his USD 55 billion salary from Tesla was exorbitant and so unconstitutional. 

Although his current valuation takes this asset into account, he still has a sizable sum invested in options that are still in effect.

On the other hand, Bezos's holding in Amazon, where he still holds the highest shareholder position despite having recently sold shares for USD 8.5 billion, accounts for about 9 per cent of his total wealth. Bezos has already held the title of richest person in the world. After first surpassing Microsoft co-founder Bill Gates in 2017, he and Musk have been involved in a wealth rivalry for most of 2021.