Following a 7.2% decline in Tesla shares on Monday, Musk lost his job to Jeff Bezos for the first time in nine months. Bezos is worth $200.3 billion, whereas Musk is currently worth $197.7 billion.
Since 2021, Bezos, the 60-year-old founder of Amazon.com Inc., has not finished first on Bloomberg's list of the richest individuals.
The 52-year-old Musk and Bezos's wealth disparity, which was once as high as $142 billion, has been closing as the prices of Amazon and Tesla's shares move in different ways. Although both are part of the renowned Magnificent Seven stocks that have driven the US equity markets, since late 2022, Amazon's shares have more than doubled and are on the verge of reaching all-time highs. Tesla has dropped almost 50% from its peak in 2021.
After initial statistics revealed that shipments from Tesla's Shanghai facility plummeted to the lowest level in almost a year, the company's shares plunged on Monday. Meanwhile, Amazon recently experienced its largest increase in online sales since the beginning of the pandemic.
After a Delaware judge invalidated Elon Musk's $55 billion compensation plan at Tesla, where he serves as CEO, his wealth may suffer much more. The ruling supported one investor who had contested Musk's payout scheme, which was the biggest in recorded history.
