May 21, 2024
Elon Musk, the founder and CEO of Tesla, SpaceX, Neuralink, and X (formerly Twitter) on Tuesday dethroned Amazon founder Jeff Bezos by regaining his rank on billionaire list. His net worth surged to nearly $200 billion, propelling him back to the number two spot on the Forbes' real-time billionaire list.
The shift comes thanks to a $5 billion boost in Musk's wealth, fueled in part by a 6% jump in Tesla's share price. While Tesla stock has seen significant fluctuations, reaching a peak of over $400 in late 2021 before falling, it's currently on an upward trend.
This recent rise is attributed partly to a reported deal between Tesla and Chinese internet giant Baidu to introduce Tesla's electric vehicles (EVs) to the Chinese market.
Read more: A glimpse into the most expensive possessions of Elon Musk, Jeff Bezos
Meanwhile, Bezos' net worth dipped slightly on Tuesday, mirroring a small decline in Amazon's share price. This drop puts him just below the $200 billion mark.
This isn't the first time Musk and Bezos have engaged in a wealth see-saw. From August 2021 to March 6, 2024, they dominated the top spots on the Forbes' list, with Musk holding the top or second position. However, on March 6, Bezos knocked Musk down to third place.
The following month was a whirlwind of wealth exchanges, with Musk and Bezos taking turns holding the number two spot a staggering 13 times. This back-and-forth battle reflects the volatile nature of the stock market, particularly for Tesla, Musk's most valuable company with a market cap of $566.23 billion.
Bezos, who stepped down as CEO of Amazon in 2021 and now serves as executive chairman, has also seen a significant rise in his wealth. Despite relinquishing the CEO role, he maintains a 10% ownership stake in Amazon, which has experienced a 21% stock increase so far this year.
