For the first time in more than nine months, Elon Musk is no longer the world’s richest person. In a noteworthy shift of financial fortunes, Jeff Bezos has overtaken Elon Musk, securing the coveted title of the world’s richest person. The dynamic change in rankings is a result of fluctuations in the net worth of both business magnates, marking a significant development in the ongoing competition for the top position in global wealth. Bezos’ ascent to the pinnacle of wealth reflects the fluid nature of financial standings among the world’s most influential individuals, with implications for the business and technology sectors.
The wealth gap between Musk, 52, and Bezos, which at one point was as wide as $142 billion, has been shrinking as Amazon and Tesla shares move in opposite directions. While both are among the so-called Magnificent Seven stocks that have propelled US equity markets, Amazon shares have more than doubled since late 2022 and are within striking distance of a record high. Tesla is down about 50% from its 2021 peak.
Tesla shares fell on Monday after preliminary data showed shipments from its factory in Shanghai slumped to the lowest in more than a year. Amazon, meanwhile, is coming off its best online sales growth since early in the pandemic.
