According to the Bloomberg Billionaires Index on Monday this week, Jeff Bezos has reclaimed the title of the “World’s Richest Man” surpassing Elon Musk.
The Amazon Founder, Jeff Bezos owned $200 billions of net worth while Musk was having it at $198 billions. Apparently Musk’s net worth has dropped by approximately $31 billion over the past year, while Bezos has gained $23 billion, as per the index. The main reason for this change was Tesla shares have toppled by approximately 7%.
The billionaires’ wealth fluctuations mirrored the stock market performance of Amazon and Tesla, where the founders are major shareholders. Amazon’s stock has risen by over 18% this year, while Tesla’s has fallen by 24%. Even after selling $8.5 billion in Amazon shares recently, Bezos retains the largest ownership stake in the company at 9.56%. Musk holds approximately 20% equity in Tesla.
In May 2023, Musk reclaimed the title of the world’s richest person, surpassing LVMH (LVMHF) CEO Bernard Arnault, who oversees a conglomerate that includes renowned brands like Louis Vuitton, Dior, and Celine. The trio of centibillionaires—Musk, Arnault, and Bezos—have been vying for the top position for months. Arnault previously held the title as his wealth surged due to a spike in luxury goods sales, which boosted LVMH’s stock price.
Despite being labeled a cheapskate, Jeff Bezos made the most charitable donations according to the Philanthropy 50 list 2019. He has donated to various causes, including the Fred Hutchinson Cancer Research Center, a former employee’s NGO called Worldreader, and TheDream, a college scholarship fund for undocumented immigrants in the US. Additionally, Bezos has contributed to Bill Gates’ Breakthrough Energy Ventures fund, which supports emissions-free energy.
Indeed, the title of the richest person on Earth often changes hands regularly based on market performance. Despite this, Musk and Arnault still possess significant wealth. According to Oxfam’s annual inequality report, since 2020, the combined net worth of the five wealthiest individuals on Earth has surged by 114% to a total of $869 billion, after adjusting for inflation.
