Jeff Bezos overtakes Elon Musk to become world’s richest

Jeff Bezos has overtaken Elon Musk as the wealthiest individual in the world.

As of now, Bezos, the founder of Amazon, boasts a net worth of $200 billion, surpassing the $198 billion net worth of Tesla’s Elon Musk, according to the latest Bloomberg Billionaires Index.

The fluctuations in the fortunes of these billionaires are closely linked to the performance of their respective companies, Amazon and Tesla, where they hold the largest shares.

This year, Amazon’s stock price experienced a significant increase of over 18%, in contrast to Tesla’s shares, which saw a decrease of 24%.

Even after selling shares worth $8.5 billion in Amazon earlier this month, Bezos still retains the title of the largest shareholder with a 9.56% stake in the company.

Top spot rivalry continues

Musk holds approximately a 20% equity stake in Tesla.

In a recent legal development, a U.S. judge invalidated a Tesla compensation package potentially worth $55.8 billion for Musk, citing issues with the approval process for his pay.

Musk, who also leads X and SpaceX, previously ascended to the richest position in May, surpassing Bernard Arnault, the chairman and CEO of the luxury conglomerate LVMH, who currently is the third richest with $197 billion.

The rivalry for the position of the wealthiest person has seen Bezos, Musk, and Arnault exchange places several times, influenced by stock market movements and economic indicators.

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