Jeff Bezos is on track to become the world’s richest person again

Billionaire entrepreneur Jeff Bezos is set to reclaim his title as the world’s richest person in the coming weeks, thanks to Tesla’s worst start to a year in its history. For Bezos to be crowned the world’s richest man again, he’ll need to beat Elon Musk, who has a net worth of $206 billion. So, how close is Bezos to doing that? Closer than ever!

Tesla Inc. had a very successful 2023, but the start of 2024 is not looking as promising. In just the first two weeks of the year, the company has lost over $94 billion in market valuation. This represents a 12% drop, which is the company’s worst performance since 2016 when the stock fell by 14% during the first nine trading days of the year.

Tesla has been aggressively reducing the prices of its cars since early 2023 in an effort to increase demand. However, this has resulted in a steady decline in its once-robust profit margin. The automotive gross margin of Tesla, excluding regulatory credits, for the third quarter has decreased to 16.3% from 27.9% last year.

This has naturally affected Elon Musk’s personal wealth considerably. Despite being the richest person in the world and having gained more wealth than anyone else in 2023, his net worth has decreased by $23 billion this year. Although he regained the top spot on the wealth index last year, overtaking Bernard Arnault, Jeff Bezos is rapidly catching up to him with $179 billion compared to Musk’s $206 billion.

The bulk of Musk’s net worth comes from his 13% stake in Tesla and about 304 million exercisable stock options. He also owns about 42% of SpaceX, which is valued at about $53 billion.

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