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Monday, May 20, 2024

Elon Musk is overthrown by Jeff Bezos to become the world’s richest person

<p>As per the Bloomberg Billionaires Index on Monday, Jeff Bezos has surpassed Elon Musk to regain his position as the wealthiest person on the planet.</p>
<p><img decoding=”async” class=”alignnone wp-image-474311″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-elon-musk-is-overthrown-by-jeff-bezos-to-become-the-worlds-richest-person-news18-b.jpg” alt=”theindiaprint.com elon musk is overthrown by jeff bezos to become the worlds richest person news18 b” width=”909″ height=”682″ title=”Elon Musk is overthrown by Jeff Bezos to become the world's richest person 18″></p>
<p>The founder of Amazon had a net worth of $200 billion, while Musk came in second with $198 billion. According to the index, Bezos has made $23 billion in gains throughout the last year, while Musk has lost almost $31 billion.</p>
<p>In May 2023, Musk regained his position as the wealthiest person in the world by surpassing Bernard Arnault, CEO of LVMH (LVMHF), the head of one of the largest corporations in the world, which owns brands including Louis Vuitton, Dior, and Celine.</p>
<p>For months, Musk, Arnault, and Bezos—the three centibilillionaires—have been vying for the top position. The title had been held by Arnault as his fortune increased as a result of a surge in sales of luxury items that raised the price of LVMH’s shares.</p>
<p>Musk became one of the wealthiest people in the world after his 2018 pay package, which was valued at over $50 billion, was overturned earlier this year by a Delaware state court judge. Year-to-date, Tesla shares have also dropped by almost 24%.</p>
<p>Naturally, based on how the markets perform, the title of the wealthiest person on Earth changes every few months.</p>
<p>Musk and Arnault continue to be very wealthy. According to Oxfam’s annual inequality report, since 2020, the combined net worth of the world’s five richest people has increased by 114%, or $869 billion, after accounting for inflation.</p>

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