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5 Mar, 2024 12:55

Musk loses title of world’s richest man – Bloomberg

Plunging Tesla stock has seen the EV maker’s CEO dethroned by Amazon’s Jeff Bezos
Musk loses title of world’s richest man – Bloomberg

Elon Musk has lost his title as the world’s richest person, being replaced by Amazon founder Jeff Bezos, according to Bloomberg’s Billionaires Index, a listing of the world’s 500 richest people.

As of Tuesday, Bezos’ net worth was $200 billion, while Musk’s stood at $198 billion. According to the index, the Tesla CEO has lost more than $31 billion over the past year, while Bezos' worth has risen more than $23 billion.

MarketWatch attributed Musk’s dethronement to the sinking of Tesla stock. Shares in the EV maker slid more than 7% on Monday after the firm introduced price cuts and discounts in the US and China. Since the start of the year, Tesla stock has fallen about 24%.

It is the first time since late 2021 that Bezos has sat atop the Bloomberg’s Billionaires Index. He owns about 9% of Amazon – the world’s biggest online retailer – as well as wholly owning space exploration company Blue Origin and other businesses.

The world’s third richest man, according to Bloomberg, is French luxury goods magnate Bernard Arnault, the CEO of LVMH (Louis Vuitton Moët Hennessy). Bezos, Musk, and Arnault have been jostling for the top spot for years. The trio are the only individuals ever to have exceeded $200 billion in net worth, according to Bloomberg.

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