Jeff Bezos reclaims title as world’s richest person, surpassing Elon Musk
For the first time since the fall of 2021, the founder of Amazon has reclaimed the title.
Amazon founder Jeff Bezos has once again secured the title of the world’s richest person, topping the Bloomberg Billionaires Index and surpassing Elon Musk. With a net worth of $200 billion on Monday, Bezos edged ahead of Musk’s $198 billion and Bernard Arnault’s $197 billion. The three billionaires have frequently rotated positions in recent years on the wealth ranking.
Bezos, who derives much of his wealth from Amazon, last held the top spot in 2021. Despite offloading some Amazon shares in recent weeks, he reclaimed the position at a time when he has been divesting from the company. Bezos sold over $8.5 billion worth of Amazon stock, potentially motivated by tax considerations. His move from Seattle to Miami could be strategic, given Florida’s lack of income or capital gains taxes.
The sale of shares after the relocation might have saved Bezos up to $600 million in taxes that he would have owed to Washington state, which has imposed increased taxes on wealthy individuals. Legislators in Washington recently implemented a 7% excise tax on net long-term capital gains. Bezos’ decision to move and sell shares aligns with Florida’s tax advantages, and tax attorneys suggest potential savings of hundreds of millions.
While Bezos has been expanding his presence in Miami and spending time on his $500 million superyacht, his net worth has increased by around $23 billion in 2024. In contrast, Musk’s net worth has dropped by $31 billion, primarily due to a decline in Tesla’s stock. A judge’s decision striking down Musk’s Tesla pay package, valued at up to $55.8 billion, also contributed to the decline.
The volatile nature of stocks and holdings makes it challenging to pinpoint the exact net worth of executives and founders. Both Bezos and Musk, who are rivals in the space exploration sector, have seen fluctuations in their wealth. Bezos went to space in 2021 with Blue Origin, while Musk’s SpaceX has been actively involved in space missions and military partnerships.
Despite Musk’s Giving Pledge commitment to donate a majority of his wealth to charitable causes, Bezos has not signed onto the campaign. Bezos has expressed plans to donate a significant portion of his fortune to charities addressing climate change and promoting unity in the political landscape.
While Musk aims to colonize Mars, Bezos has previously criticized such ambitions, suggesting those interested should “go live on the top of Mount Everest for a year first and see if you like it, because it’s a garden paradise compared to Mars.” The rivalry between the two billionaires extends to business critiques, with Musk branding Amazon a monopoly.
As of now, Bezos has emerged as the world’s richest person once again, marking another chapter in the ongoing wealth competition between these influential figures.
You might also be interested in – Former Tesla director Larry Ellison invited Elon Musk to Hawaii to ‘dry out’ from drugs
