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Jeff Bezos Overtakes Elon Musk As World’s Richest

Jeff Bezos, the founder of Amazon, has regained his position as the world’s richest person, surpassing Elon Musk, the creator of Tesla, for the first time in three years. Bezos’ net worth has soared to over $200 billion, while Musk’s wealth has faced a setback after a $55.8 billion compensation package was invalidated by a Delaware court.

Bezos’ ascension to the top spot on the Bloomberg Billionaires Index marks a significant milestone, with Musk trailing behind at $198 billion. This shift in rankings follows Bezos’ decision to sell off $4 billion worth of Amazon shares since mid-February, as disclosed in regulatory filings.

Meanwhile, Elon Musk, aged 52, encountered a setback when a judge ruled in late January that he must return the largest pay packet in corporate history, amounting to $55 billion. The ruling stemmed from accusations of Musk exerting undue influence on Tesla directors.

Bezos’ recent stock sales coincide with his decision to establish his primary residence in Florida, a move that takes advantage of the state’s favorable tax system. Despite divesting shares, Bezos remains the largest shareholder of Amazon, retaining close to 10 percent of the company’s stock.

Having stepped down as Amazon CEO in 2021, Bezos now holds the title of executive chairman and has dedicated more time to his other ventures, including Blue Origin, his space exploration company, and philanthropic endeavors.

Additionally, Bezos has garnered attention for his personal life, notably his relationship with Lauren Sanchez. The pair’s romance became public in January 2019, leading to divorces from their respective spouses. They got engaged in early 2023, with plans for a wedding still in the works.

In contrast, Elon Musk’s legal woes continue as he faces the repercussions of the invalidated compensation package. The ruling, which criticized the flawed process leading to the approval of the package, has prompted Musk to reconsider his strategy, including a bid to secure a quarter of Tesla’s voting stock.

As Bezos reclaims his status as the world’s richest individual, the global mega-rich list also features prominent figures like Bernard Arnault, CEO of LVMH Moët Hennessy Louis Vuitton, Mark Zuckerberg, and Bill Gates, rounding out the top ranks.

While Bezos celebrates his financial success, Musk navigates challenges, emphasizing the dynamic nature of wealth and corporate governance in today’s business landscape.