Elon Musk Reclaims Title of Richest Person in America

Elon Musk Reclaims Title of Richest Person in America

Tesla founder, Elon Musk is the wealthiest person in America again, after surpassing Amazon’s Jeff Bezos, who had briefly held the top spot in recent weeks.

Musk’s fortune increased by approximately $5.5 billion on Monday, propelling him ahead of Bezos, whose wealth grew by about $450 million, according to the Forbes Real-Time Billionaire Index.

At the time of this report,  Musk’s net stands at around $194.2 billion, slightly higher than Bezos’ estimated $ 192.8 billion.

However, the wealthiest individual globally remains LVMH’s Bernard Arnault, with an estimated fortune of $234.8 billion as of Tuesday morning. Musk is currently the top gainer of Monday’s stock trade on Forbes.

Musk’s resurgence as the second-wealthiest person comes as Tesla’s stock price experienced a significant increase on Monday.

The surge followed news of a price hike for Tesla’s Model Y electric vehicle in certain regions, reversing previous announcements of price cuts.

Tesla’s stock rose by 5.59% as of 12:30 p.m. EST on Monday, marking its largest single-day percentage gain since November 14, 2023, when it increased by 6.12%. In contrast, Amazon’s stock saw a modest uptick of just 0.24% on the same day.

Last week, Musk briefly ceded the title of wealthiest person to Bezos after Tesla shares plummeted to a 10-month low, dropping by 4.5% to below $170. The decline came after analysts characterized Musk’s electric vehicle company as a “growth company with no growth.”

Tesla’s stock has struggled since the beginning of the year, along with other electric vehicle manufacturers like Rivian, Lucid, and Nio, all of which have experienced declines of over 70% from their peak values in 2021.

Despite the challenges, Tesla remains the worst-performing stock in the S&P 500, with its share price declining by approximately 30% overall in 2024.

Additionally, Tesla is no longer among the top 10 U.S. companies by market capitalization. Musk holds about 21% of Tesla’s shares between stock and options.

The renewed competition between Musk and Bezos for the title of wealthiest person shows the volatility and competitiveness of the tech industry.

Both individuals have amassed immense fortunes through their respective companies, Tesla and Amazon, which have revolutionized their respective sectors.

The outcome of this ongoing rivalry will likely depend on various factors, including the performance of Tesla and Amazon stocks, market dynamics, and any significant developments within the companies.