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Jeff Bezos overtakes Elon Musk as world’s richest person, after Tesla stocks slump
Tesla shares fell on Monday after preliminary data showed shipments from its factory in Shanghai slumped to its lowest point in more than a year. Amazon, meanwhile, is coming off its best online sales growth since early in the pandemic.
Musk’s wealth could take a further hit after a Delaware judge struck down his US$55 billion pay package at Tesla, where he’s chief executive. The decision took the side of an investor who’d challenged Musk’s compensation plan, which had been the largest in history.
Options that were included in the voided plan are one of Musk’s largest assets, alongside his stakes in Tesla and SpaceX. The Bloomberg index continues to include them in its calculations of his wealth.
The vast majority of Bezos’s fortune comes from his 9 per cent stake in Amazon. He’s the online retailer’s largest shareholder, even after unloading 50 million shares worth about US$8.5 billion last month.
For Bezos, being atop the wealth rankings is a familiar perch. He first overtook Microsoft co-founder Bill Gates as the world’s richest person in 2017.
Elon Musk sues OpenAI and CEO Sam Altman for abandoning mission
Elon Musk sues OpenAI and CEO Sam Altman for abandoning mission
But a massive rally in Tesla shares left Bezos jockeying with Musk for much of 2021 for the top spot. Late that year, he fell way behind, and didn’t regain the No. 1 position until now.
Bernard Arnault, 74, the chairman of LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury-goods maker, also ranks among the world’s wealthiest with a net worth of US$197.5 billion.