Bezos overtakes Musk as richest person alive
Austin American-Statesman USA TODAY NETWORK – TEXAS
AUSTIN, Texas – Jeff Bezos has dethroned Texas technology transplant Elon Musk for the title of “richest person alive,” according to the Bloomberg Billionaires Index.
Bezos, a familiar face on the list, took back the title after Amazon’s stock ticked up in recent quarters. Though Bezos no longer runs Amazon, the company’s increasing stock price was enough to balloon his net worth to $200 billion, according to Bloomberg.
This increase helped Bezos squeeze past Musk, whose net worth was reported to be $198 billion.
Though neither man is a stranger to the title, the change at the top of the list could largely be explained by an electric vehicle powerhouse: Tesla.
Musk epitomizes the term “serial entrepreneur.”
Though he is a divisive figure, Musk is a talented businessman and investor. He has invested in, or started, companies including SpaceX, the Boring Company and Neuralink. And of course, he now owns X, or Twitter as it was formerly known.
Musk also famously invested in PayPal and was a figurehead in the creation of OpenAI. The artificial intelligence company has set the world in flux since its release of ChatGPT.
However, a stalwart in his portfolio is Austin-based Tesla. The company has been one of his most reliable investments. But in recent months, stock for the EV giant has dropped by 25%. This translated into a $30 billion backslide for Musk’s worth, according to Bloomberg.
Compounding the problem, Musk is also dealing with a legal fight that is keeping the Tesla board from compensating him.
As for Bezos, he is known for pioneering a risky business model that helped Amazon move beyond books and into the larger e-commerce space. After operating in the negative for years, the company was able to leverage its brand recognition into profitability and is now one of the most successful and powerful companies on Earth.
Beyond Amazon, Bezos is a key investor
in Airbnb, Uber, EVERFI and Nextdoor (and, of course, The Washington Post). Bezos has shifted his professional focus from Amazon to Blue Origin, an aerospace engineering company that mirrors Musk’s SpaceX.