Jeff Bezos Overtakes Elon Musk as World’s Richest Person

Jeff Bezos is back on top of the Bloomberg Billionaires Index for the first time since 2021. He has overtaken Elon Musk as the wealthiest person in the world, with a net worth of $200.3 billion.

Bloomberg reported that Bezos took the top spot on March 4, 2024, after Musk’s Tesla shares tumbled 7.2% after vehicle shipments fell in China. This left Musk with a net worth of $197.7 billion, just under Bezos’ wealth profile.

So far in 2024, Bezos’ net worth has increased by over $23 billion, according to USA Today. In contrast, Musk finds his worth in steep decline as Tesla’s stock has plunged 26% year-to-date. Musk had climbed atop the list of the world’s wealthiest people in May 2023 when he edged past Bernard Arnault.

Earlier this year, a Delaware state court judge threw out Musk’s 2018 pay package worth over $50 billion. The ruling said that Musk and the Tesla board “bore the burden of proving that the compensation plan was fair, and they failed to meet their burden.” That package helped to generate enough wealth to make Musk one of the richest people in the world.

For the first time in more than nine months, Elon Musk is no longer the world's richest person https://t.co/A8j1QqPHmF

— Bloomberg (@business) March 5, 2024

French business magnate Bernard Arnault was listed as the third wealthiest person at $197 billion as of Tuesday. He was followed by Mark Zuckerberg, the founder and CEO of Facebook and Instagram parent company Meta at $179 billion. With a net worth of $150 million, Bill Gates rounds out the top five.

The last time Bezos was the richest person worldwide was in the fall of 2021. He still holds a 9% stake in Amazon. Bezos was previously the world’s richest person for four years, from 2017 (overtaking Bill Gates) to 2021. 

According to UPI, Amazon shares are up about 17% so far this year, which led to the increase in Bezos’ net worth. Bezos made much of his fortune from Amazon, a company he started from his garage near Seattle in 1994. He also founded the space company Blue Origin and bought The Washington Post for $250 million.

According to its website, the Bloomberg Billionaires Index ranks the world’s wealthiest people daily. The figures are updated at the close of every trading day in New York City.