In the latest shift of fortunes, Jeff Bezos, the founder of Amazon and Blue Origin, has once again ascended to the top of the Bloomberg Billionaires Index, surpassing Tesla CEO Elon Musk.
The announcement came on Monday as a result of a sustained rally in Big Tech shares, particularly fueled by the artificial intelligence boom.
Bezos, 60, previously held the title of the wealthiest individual in 2021 before being surpassed by Elon Musk, the visionary CEO of Tesla and SpaceX. However, a recent rally in the shares of major technology companies, fueled in part by the ongoing artificial intelligence boom, has propelled Bezos back to the top of the wealth rankings.
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The resurgence of Bezos’ wealth can largely be attributed to the impressive performance of Amazon’s stock, which has surged by 17% since the beginning of the year and nearly doubled in value compared to the same period last year, closing at $177.58 per share on Monday. Given Bezos’ significant ownership stake in Amazon, which stands at around 9%, any uptick in the company’s stock price directly contributes to his net worth.
Additionally, Bezos’ ownership of Blue Origin, a private aerospace manufacturer and spaceflight services company, is factored into Bloomberg’s calculation of his wealth, further bolstering his position at the top of the billionaire rankings.
The shift in rankings marks a significant reversal for Bezos, who had ceded the top spot to Elon Musk for nine months. Musk, known for his ambitious ventures in electric vehicles and space exploration, had at one point held a substantial lead over Bezos, boasting a wealth advantage of $142 billion, according to Bloomberg data.
Notably, this is not the first time that Bezos has reclaimed the title of the world’s richest person. He initially surpassed Microsoft co-founder Bill Gates in 2017 before being overtaken by Musk in 2021 following a surge in Tesla’s stock price.
As of the latest rankings, Elon Musk retains the second position on the Bloomberg Billionaires Index, with a net worth of $198 billion, followed closely by Bernard Arnault, the chairman of LVMH Moet Hennessy Louis Vuitton, whose net worth stands at $197 billion.
Musk’s fortunes have experienced volatility in recent times, with Tesla’s stock witnessing a 24% decline since the start of the year and a 3% decrease compared to the previous year. The company faced additional challenges on Monday as its shares tumbled by 7% due to disappointing sales figures in China during February.
The competition for the title of the world’s richest person has been intense, with Musk, Arnault, and Bezos frequently jockeying for the top position. Musk had briefly reclaimed the title in May 2023, surpassing Arnault, whose wealth had surged on the back of strong performance in the luxury goods sector.
Earlier this year, a Delaware state court judge invalidated Musk’s 2018 pay package, valued at over $50 billion, which had contributed significantly to his wealth.
Despite the fluctuations in wealth rankings, Musk and Arnault remain formidable figures in the world of finance, with their combined net worth reaching staggering heights. According to Oxfam’s annual inequality report, the top five wealthiest individuals have seen their collective wealth soar by 114% since 2020, reaching a total of $869 billion after adjusting for inflation.
As global market performances and corporate advancements influence the dynamics of wealth, the competition among the world’s wealthiest individuals remains intense. The ongoing struggle for dominance among these affluent individuals shows no indication of slowing down and is expected to persist.