Posted on 03/05/2024 9:20:16 AM PST by SeekAndFind
Jeff Bezos has usurped Elon Musk as the world’s richest man with a net worth of $200bn (£158bn) after a surge in the share price of Amazon.
The Amazon founder, 60, overtook his rival for the first time in three years, with Mr Musk now sitting on a fortune worth $198bn, according to Bloomberg data.
The pair’s fortunes are largely tied to their respective holdings in online retail giant Amazon and electric car maker Tesla.
Amazon’s shares have climbed 18pc so far this year, valuing the business at more than $1.8 trillion as technology stocks rocket on the back of a wave of optimism about artificial intelligence.
At the same time, Tesla’s share price has slipped by 24pc in 2024 as investors grow wary of the level of demand for electric cars. Its stock fell by 7pc on Monday after it announced further price cuts in China in an effort to stimulate demand.
The electric car company is now worth around $590bn, having at one stage been valued at over $1 trillion.
Mr Musk, 52, owns around 20pc of the company’s stock and options, as well as large holdings in rocket business SpaceX and social network X, formerly Twitter.
The Tesla’s chief executive’s net worth risks falling even further after a judge ruled his current $56bn dollar pay deal is unlawful.
Mr Musk, who receives no salary at Tesla, had been due to receive the huge stock payout for helping to massively increase the company’s valuation and revenues.
The Tesla boss has long traded barbs with Mr Bezos about his wealth, tweeting a “silver medal” emoji at his rival when he surpassed his net worth in 2021.
The two run competing rocket companies – SpaceX and Blue Origin – vying for work to return astronauts to the Moon with Nasa.
(Excerpt) Read more at msn.com ...
Here are the world’s top 4 richest men:
According to Bloomberg’s Billionaires Index, Mr Bezos and Mr Musk are followed in wealth by French tycoon Bernard Arnault, who is worth $197bn, and Mark Zuckerberg, the Facebook founder (now called META) , with a net worth of $179bn.
Musk is still the richest man by far when you realize that the company that puts more payload into orbit every year than the rest of the world combined, the privately held SpaceX, has no public valuation and is largely owned by Musk. Plus Starlink.
Bezos success, and biden for that matter, leads me to believe there is no God. If there was, how could he possible allow evil to thrive over good the way it does?
Unrealized riches. He actually doesn't have lots of cash in hand. It is mostly in promised stock sales that are unrealized until sold. And he is encumbered with lots of debt for money he plowed into his ventures. If he sells any stock, analysts beat him down for impacting stock prices of his companies.
Having said that, Tesla stock is undervalued, and may rise from $200 a share to $2000 a share by 2027. All the company fundamentals are strong, with the Tesla energy sector soon surpassing the vehicle profits, not to mention AI, robotics, robo-taxis and patent profits greatly expanding. Soon, Musk will be worth over $1 trillion in riches.
SpaceX has been plowing billions of dollars into the StarShip program and Starbase. CEO Gwynne Shotwell is largely responsible for seeking business profits to keep SpaceX alive. Not only from getting lucrative contracts for launches of Falcon 9 and Dragon missions, but building out Starlink which is becoming very profitable now. Musk puts the right people in management positions, who keep the companies profitable.
He might be making a lot more money once Starlink has it’s IPO.
I think Bezos is getting a great discount in shipping that others do not.
I have bought items that no way could be shipped for the inexpensive items I ordered or the free returns.
Plus a cardboard box is expensive.
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