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Friday, March 24, 2023

Bezos Reclaims Title of World’s Richest After Musk Slips

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Elon Musk’s reign as the world’s richest person was brief.

Tesla Inc. shares slid 2.4 percent on Tuesday, erasing $4.6 billion from its chief executive officer’s fortune and knocking him from the top spot on the Bloomberg Billionaires Index ranking.

Jeff Bezos, who had held the title for more than three years until last month, reclaimed his No. 1 position with a net worth of $191.2 billion, or $955 million more than Musk.

Bezos resumes the mantle of world’s richest person as he’s about to step down as CEO of Amazon.com Inc. the e-commerce giant in the third quarter to focus on other projects.

Bezos owns space exploration company Blue Origin as well as the Washington Post. Amazon shares have climbed 53 percent in the past 12 months.

It may not be long though before Musk leapfrogs Bezos once again.

Musk’s SpaceX, a rival to Bezos’s Blue Origin, has been in talks to raise funds that would significantly increase its valuation.

SpaceX completed the $850 million funding round last week at a $74 billion valuation, about 60 percent higher than its prior round, according to CNBC, which cited people familiar with the matter.

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