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Jeff Bezos has regained his position as the world’s richest man, surpassing Elon Musk for the first time in three years.
Bezos’ net worth currently stands at $200 billion, while Musk’s total has stumbled to $198 billion, according to the recent Bloomberg Billionaires Index. The shift in rankings comes as Bezos sold off $4 billion worth of shares since mid-February.
The Amazon founder’s stock sales coincided with his decision to set up his primary residence in Florida, taking advantage of the state’s tax system.
Bezos stepped down as CEO of Amazon in 2021 and now holds the title of executive chairman.
In just a week, he has sold nearly 25 million shares of the company, marking his first shares sold since leaving his role as CEO.
Meanwhile, Elon Musk, the CEO of Tesla and X chair, faced a setback when a judge ruled that he must return the biggest pay packet in corporate history, amounting to $55 billion.
The ruling followed accusations of Musk strong-arming Tesla directors. Musk, now in second place on the billionaire list, owns 13 percent of Tesla stock and recently announced a bid to secure a quarter of its voting stock.
Bezos remains the largest shareholder of Amazon, holding close to ten percent of the company’s stock.
Despite his stock sales, Amazon shares have risen over 50 percent since February 2023, with the company’s market capitalization reaching around $1.75 trillion.
Bezos’ decision to step back from Amazon allows him to focus on other projects, including his rocket company, Blue Origin, and his philanthropic endeavors.
This article was updated 10 months ago
