They take away Elon Musk's throne: this is now the richest man in the world

Elon Musk, the tech tycoon and visionary behind companies like Tesla and SpaceX, has been displaced from first place as the richest man in the world. This news marks a significant change in the ranking of the wealthiest people on the planet.

According to the most recent financial reports, the American businessman has been surpassed by another business titan. While Musk has been a prominent figure on the billionaire list for years, his position has been affected recently by various factors, including market movements and the performance of his companies.

This change in ranking reflects the volatile nature of wealth and the business world. Despite this setback, Musk continues to lead several innovative companies and remains an influential figure in the technology and space industries.

Jeff Bezos dethrones Elon Musk

Jeff Bezos has once again claimed the title of the richest person in the worldsurpassing Elon Musk, according to the Billionaires Index of Bloomberg published this Monday.

Amazon founder's net worth stands at $200 billion, while Musk's is $198 billion. In the last year, Musk has lost around $31 billion, while Bezos has earned $23 billion, according to the index.

In May 2023, Elon Musk had become the richest person in the worldsurpassing Bernard Arnault, CEO of LVMH (LVMHF), a conglomerate that includes brands such as Louis Vuitton, Dior and Celine. For months, Musk, Arnault and Bezos competed for the top spot on the list of centibillionaires.

His rise to the top of the billionaire list was largely due to the impressive rise in the value of shares of Tesla, the leading electric vehicle company of which he is CEO and founder, as well as his other successful companies such as SpaceX. However, fluctuations in the market and changes in share value may have contributed to it temporarily losing this title in 2024.

Earlier this year, a Delaware state court judge invalidated Elon Musk's 2018 pay package, valued at more than $50 billion, which contributed to his rise as one of the richest people in the world. Besides, Tesla shares have seen a decline of approximately 24% so far this year.

Clear, the title of the richest person in the world changes periodically, reflecting the performance of the markets. Both Musk and Arnault retain great wealth. According to Oxfam's annual inequality report, since 2020, the net worth of the world's five richest people has increased by 114% to a total of $869 billion, adjusted for inflation.