Bezos Back on Top: Amazon Soars, Tesla Stumbles in Billionaire.

Published on 05 March 2024, by Juliette Blanc | London, U.K.

Tech titans Jeff Bezos and Elon Musk are at it again, vying for the coveted title of world's richest person. In a surprising turn of events, Bezos has wrestled the crown back from Musk after nearly nine months.

This shift comes courtesy of a recent slump in Tesla's stock price, which plummeted 7.2% on Monday. This drop opened the door for Bezos, whose Amazon has seen its stock value double since 2022. Bezos now boasts a net worth of $200.3 billion, eclipsing Musk's current $197.7 billion.

While Amazon thrives with its best online sales growth in a while, Tesla faces multiple hurdles. Shipments from their Shanghai factory have declined, and their share price has taken a nosedive of nearly 50% since 2021. Adding to Musk's woes, a recent court decision has invalidated his hefty $55 billion pay package at Tesla, potentially impacting his future wealth.

Bezos, with his 9% stake in Amazon, remains the company's biggest shareholder. Even after selling a significant chunk of shares last month, his strategic moves have propelled him back to the top, mirroring his triumphs in 2017 and 2021.

As Musk grapples with challenges, Bezos has cemented his reputation as a financial powerhouse. The race for the world's richest person continues to be a fascinating spectacle, showcasing the ever-evolving landscape of wealth within the tech industry.