Jeff Bezos briefly surpassed Elon Musk as the richest person in the United States on Wednesday, creating a buzz in the financial world. However, Musk quickly reclaimed the title after just a few minutes, thanks to Tesla’s recovery in the stock market. This seesaw battle for the top spot has become a regular occurrence between the two tech moguls.
At the start of Wednesday, Bezos had a net worth of $195 billion, surpassing Musk’s $193 billion fortune. But as Tesla shares pared their daily losses from 4% to 2%, Musk regained his position as the richest American. This marked the first time since August 2021 that Musk placed outside of the top two in Forbes’ real-time billionaire rankings.
The year has been quite eventful for Musk, who started as the number one on Forbes’ real-time billionaires list. However, he lost the top spot to France’s Bernard Arnault in late January after a Delaware judge voided his $51 billion Tesla compensation package. Musk faced further setbacks when Tesla shares plunged due to production challenges and investor concerns surrounding his $44 billion acquisition of Twitter. Nevertheless, he reclaimed the title of the world’s richest person on June 8, 2023.
Musk’s rise to prominence began in 2021 when he entered the top three with an estimated net worth of $151 billion, ranking second behind Bezos. The rivalry between the two billionaires extends beyond their financial standings. They are also competitors in the realm of private space travel, with Bezos’ Blue Origin and Musk’s SpaceX vying for lucrative NASA contracts.
Despite their fierce competition, Bezos and Musk have displayed a playful side. In 2021, Musk revealed his plan to send a giant statue of the digit ‘2’ to Bezos along with a silver medal when he overtook him as the world’s richest man.
While Bezos and Musk battle for supremacy, it is worth noting the significant decline in Musk’s fortune. His net worth has decreased by $55 billion since the end of 2023, primarily due to the nearly 30% year-to-date decline in Tesla’s share price. Musk’s fortune is closely tied to his roughly 21% equity stake in the electric vehicle maker.
In contrast, Bezos’ net worth is largely derived from his approximately 10% stake in Amazon, which accounts for about 85% of his total wealth. Amazon’s stock has performed well, with a 17% increase this year and an impressive 86% growth over the last 12 months. In comparison, Tesla has experienced negative returns of -28% and -8% year-to-date and over the last 12 months, respectively, as investors express concerns about the company’s diminishing profit margins.
The combined net worth of Bezos and Musk, approximately $390 billion, is equivalent to the gross domestic product of Hong Kong in 2023. Their financial influence extends far beyond personal wealth, impacting industries such as e-commerce, electric vehicles, and space exploration.
As the battle for the title of America’s richest man continues, it remains to be seen who will emerge victorious in the long run. Both Bezos and Musk have left an indelible mark on the business world, revolutionizing their respective industries and captivating the public’s imagination with their ambitious ventures. Whether it’s exploring the cosmos or reshaping online retail, these billionaires are constantly pushing boundaries and shaping the future of technology and commerce.
