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In a dramatic shift atop the global wealth rankings, Amazon founder Jeff Bezos has once again ascended to the position of the world’s richest person, overtaking Tesla CEO Elon Musk, according to the latest data from the Bloomberg Billionaires Index. Bezos now boasts a fortune worth $200.3 billion, while Musk’s net worth stands at $197.7 billion.
The reversal of fortunes comes amid significant fluctuations in the fortunes of the two tech titans over the past year. Musk has seen a staggering loss of approximately $31 billion in net worth, attributed in part to Tesla’s recent share shakeup, which saw a 7.2 percent decline on March 4. Moreover, a recent ruling by the Delaware court striking down Musk’s $55 billion pay package as excessive adds further uncertainty to his financial outlook.
Meanwhile, Bezos has experienced a remarkable gain of $23 billion in net worth during the same period, consolidating his position at the top of the wealth rankings. The narrowing gap between the two billionaires, once at $142 billion, underscores the dynamic nature of the global wealth landscape.
Both Amazon and Tesla hold significant sway in the stock market, with their shares playing a pivotal role in driving market trends. While Amazon’s stock has soared, more than doubling in value since late 2022, Tesla has faced challenges, with its stock price plummeting by around 50 percent from its peak in 2021.
Despite divesting shares worth $8.5 billion in Amazon recently, Bezos retains the largest stake in the e-commerce giant, underscoring his enduring influence over the company he founded. This marks a return to familiar territory for Bezos, who first topped the Bloomberg Billionaires Index in 2017 after Microsoft founder Bill Gates ceded the title.
The seesaw battle for the title of the world’s richest person reflects the volatile nature of wealth accumulation in the modern era, driven by the performance of tech giants and market dynamics. As Bezos reclaims his throne, the spotlight once again shines on the ever-changing fortunes of the global elite.
Meanwhile, Indian tycoons Mukesh Ambani and Gautam Adani of Reliance Industries Ltd (RIL) and the Adani Group respectively, feature prominently in the rankings, with net worths of $115 billion and $104 billion, highlighting the growing influence of Indian business magnates on the global stage.
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