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Published: March 4, 2024 at 8:12 PM ET
Tesla Inc.’s stock price fell again on Monday, costing Elon Musk his title as the world’s richest person.
Amazon founder Jeff Bezos on Monday replaced the Tesla chief executive at the top of the Bloomberg Billionaires Index for the first time since late 2021. It was the first time in nine months that Musk had been dethroned, and the first time that LVMH CEO Bernard Arnault briefly overtook him.
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Tesla Inc.’s stock price fell again on Monday, costing Elon Musk his title as the world’s richest person.
Amazon founder Jeff Bezos on Monday replaced the Tesla chief executive at the top of the Bloomberg Billionaires Index for the first time since late 2021. It was the first time in nine months that Musk had been dethroned, and the first time that LVMH CEO Bernard Arnault briefly overtook him.
Mr. Bezos’ total net worth was $200 billion as of Monday, according to the Bloomberg index, ahead of Mr. Musk’s $198 billion and Mr. Arnault’s $197 billion. According to Bloomberg, Musk’s wealth has decreased by $31 billion since the beginning of the year, while Bezos’ wealth has increased by $23.4 billion.
Bezos regained the top spot last month despite selling about 50 million Amazon shares worth about $8 billion. He still owns about 9% of the tech giant.amazon stock
AMZN
Year-to-date, it’s up about 17%.
Tesla stock fell 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
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Year-to-date, it has fallen about 24%. In January, a Delaware judge invalidated Musk’s $56 billion compensation package.
Waiting behind the scenes is France’s Arnault, whose LVMH stake has seen his fortune rise by $18 billion this year, according to Bloomberg.
MC
In Paris trading, the stock has risen about 15% since the beginning of the year.
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