Tesla Inc.’s stock sank again on Monday, costing Elon Musk his title as world’s richest person.
Amazon founder Jeff Bezos replaced the Tesla chief executive atop Bloomberg’s Billionaires Index on Monday for the first time since late 2021. It was the first time Musk had lost the top spot in nine months, when LVMH CEO Bernard Arnault briefly surpassed him.
According to Bloomberg’s index, Bezos’s total net worth as of Monday was $200 billion, topping Musk’s $198 billion and Arnault’s $197 billion. Musk’s fortune has declined by $31 billion year to date, according to Bloomberg, while Bezos’s has risen by $23.4 billion.
Bezos reclaimed the top spot despite selling about 50 million Amazon shares, worth roughly $8 billion, last month. He still holds about a 9% stake in the tech giant. Amazon shares
AMZN,
are up about 17% year to date.
Tesla shares slid more than 7% on Monday after the EV maker introduced new price cuts and discounts in the U.S. and China. Much of Musk’s fortune is in Tesla stock
TSLA,
which has fallen about 24% year to date; in January, a Delaware judge voided Musk’s $56 billion compensation package.
Waiting in the wings is France’s Arnault, whose wealth has grown by $18 billion this year, according to Bloomberg, as LVMH stock
MC,
has gained about 15% year to date in Paris trading.
This post was originally published on Market Watch
