In a surprising turn of events, Amazon founder Jeff Bezos has once again overtaken Elon Musk as the second-wealthiest person in the world. This marks the fourth time since the beginning of March that the two billionaires have switched positions in the global wealth rankings. Bezos’ estimated net worth increased by $1.3 billion, surpassing Musk’s fortune which had fallen by about $1.2 billion, according to the Forbes Real-Time Billionaire List. As of Tuesday afternoon, Bezos is estimated to be worth around $194.1 billion, while Musk’s net worth is approximately $193 billion.
The wealthiest person in the world, according to Forbes, is still Bernard Arnault, the chairman and CEO of LVMH, with an estimated net worth of $235.3 billion as of Tuesday afternoon. Musk’s drop to third-wealthiest came just one day after he had regained his position as the second-wealthiest person due to a rise in Tesla’s stock price. Tesla’s stock had experienced a significant increase following news of a price bump for the Model Y electric vehicle in some areas, leading to a more than 5% jump in Tesla’s stock price, the largest single-day percentage increase since November 14, 2023.
On Tuesday afternoon, Amazon’s stock was up by 0.59%, while Tesla’s stock price reversed course and fell by 1.38% to about $171.41 per share. This seesawing in wealth rankings between Bezos and Musk has been a common occurrence since the start of March. Last week, Tesla shares dropped to a 10-month low after analysts from Wells Fargo described the company as a “growth company with no growth.” Forbes estimates that about two-thirds of Musk’s fortune comes from his stake in Tesla, while around 85% of Bezos’ wealth is attributed to his 10% stake in Amazon.
A surprising fact to note is that when Bezos first overtook Musk this year on March 6, it was the first time since August 19, 2021, that Musk had fallen outside of the top two in Forbes’ real-time billionaire rankings. The ongoing competition between Bezos and Musk for the title of the second-wealthiest person in the world continues to capture the attention of investors and observers alike. With both billionaires heavily invested in their respective companies, Amazon and Tesla, their fortunes are closely tied to the stock performance of these tech giants.
As Bezos and Musk continue to fluctuate in the global wealth rankings, investors are closely watching the stock prices of Amazon and Tesla for any indication of future shifts in their fortunes. The rivalry between these two tech titans has added an element of excitement and unpredictability to the world of billionaire wealth rankings. With Bezos currently holding the second spot, it remains to be seen whether Musk will be able to regain his position or if Bezos will further solidify his place as the second-wealthiest person in the world.
