ELON MUSK LOSES WORLD'S RICHEST PERSON TITLE TO JEFF BEZOS AS TESLA SHARES TUMBLE - VORAKA

ORIGINALLY PUBLISHED IN VORAKA

Article Published on 05 March 2024 by Gloria Poletti | www.vorakamag.com

In a big switcheroo, Jeff Bezos has become the world's richest person again, leaving Elon Musk behind. Elon had been the richest for almost nine months.

Elon's fortune took a hit when Tesla's stock dropped by 7.2% on Monday. This drop allowed Jeff Bezos, the founder of Amazon, to snag the top spot with a net worth of $200.3 billion. Elon's wealth now sits at $197.7 billion.

Amazon's stock has been doing well, doubling since 2022, while Tesla's shares have taken a nosedive, falling nearly 50% since 2021.

Tesla faced more problems with a decline in shipments from its Shanghai factory. Meanwhile, Amazon enjoyed its best online sales growth in a while.

Elon Musk's net worth might decrease even more. A judge canceled his $55 billion pay package at Tesla, putting his options and stakes in Tesla and SpaceX at risk.

Jeff Bezos, with most of his money coming from his 9% ownership of Amazon, remains the company's biggest shareholder. Even after selling $8.5 billion worth of shares last month, Bezos is back as the richest person, repeating his past feats in 2017 and 2021.

As Elon faces challenges, Jeff Bezos has once again proven he's a financial heavyweight, securing the title of the world's richest person. The rivalry between these business giants continues in the ever-changing world of wealth.