Business news from Ukraine

Elon Musk lost first place in list of world’s richest people

5 March , 2024  

Tesla founder and CEO Elon Musk has lost the top spot on the list of the world’s richest people due to a decline in his company’s shares, MarketWatch reports.

The leader in the ranking for the first time since the end of 2021 is the founder and former head of online retailer Inc. Jeff Bezos, whose fortune is estimated at $200 billion. Musk ranks second with $198 billion. Frenchman Bernard Arnault, the head of LVMH, is in third place with a fortune of $197 billion.

In 2024, Musk’s fortune decreased by $31 billion, while Bezos gained $23.4 billion, despite selling about 50 million Amazon shares worth about $8 billion. He still owns about 9% of the company’s securities.

Tesla’s shares fell 7.2% on Monday, and since the beginning of the year, the electric car maker’s capitalization has fallen by about a quarter. Amazon’s stock price fell by 0.4% the day before, and since the beginning of this year, the company’s market value has increased by 17%.