Jeff Bezos secures top spot on Bloomberg’s wealth Ranking surpassing Elon Musk for the first time since 2021:
For the first time since 2021, 60 year old Jeff Bezos the founder of Amazon.com Inc. has taken the top spot in Bloomberg’s list of the richest person in the world. Elon Musk who had been the top dog for the previous nine months fell to the number two spot on Monday after Tesla stock fell 7.2%, with a net worth of $200.3 billion Bezos has surpassed Musk who has a net worth of $197.7 billion.
Elon Musk Dethroned: Jeff Bezos takes lead in Richest person ranking amidst market shifts
The $142 billion wealth gap that formerly existed between 52 year old Musk and 60 year old Bezos has been closing. The different paths taken by the stocks of Tesla and Amazon are the reason for this change. Although both businesses are the component of the powerful magnificent seven stocks that dominates US financial markets, Amazon shares have increased by over 100% since late 2022 and are almost are an all time high. Tesla on the other hand has witnessed a 50% drop from it’s 2021 peak.
Data showing a dip in shipments from it’s Shanghai manufacturing which reached the lowest point in more than a year, had an impact on the Monday decline in Tesla shares. Amazon on the other hand is seeing a strong increase in online sales, which is a first since the beginning of the pandemic.
Wealth Dynamics : Bezos surges past Musk in Global Rich list, closing in on Record Highs
Musk financial difficulties could not end after a Delaware judge rejected his record breaking $55 billion compensation from Tesla. An investor who disputed Musk’s pay scheme won the case. Bezoz’s net worth surpassed that of Musk $198 billion and LVMH CEO Bernard Arnault $197 billion on Monday reaching $200 billion. Bezos, Arnault and Musk have been switching places in the wealth ranking as a result of fluctuations in the market, changes in the economy, and other such things.
Amazon has been the main source of fortune for Bezos
Amazon the massive online retailer that Bezos started in his garage in the Seattle area in 1994 has been the main source of his fortune. He also founded Blue Origin, a space corporation and paid $250 million to buy the Washington Post.
Read More: Info Edge (India) shares fall 3% : Google Play Removes Apps 99acres and Naukri
Info Edge (India) shares fall 3% : Disruption in the Digital Space
Info Edge (India) Ltd faced a setback as Google Play Store removed its prominent mobile apps, including naukri.com, 99acres.com, and shiksha.com. The move comes in the wake of Google’s ongoing removal of apps in India, including popular matrimony apps, due to a dispute over service fee payments.
Surprise Removal Raises Concerns
The removal, as disclosed by Info Edge (India) Ltd in a BSE filing, took the company by surprise. Google’s action lacked proper notice, causing concern for the company. Google has cited non-compliance with its app billing policy by Indian developers over an extended period, leading to the removal of their apps from the Google Play Store.
Morgan Stanley’s ‘Overweight’ Recommendation Aligns with Tata Motors Strategic Overhaul and Demerger Plans :
Morgan Stanley has taken note of the recent developments in Tata Motors’ stock performance and has responded by recommending an ‘overweight’ stance. This recommendation follows Tata Motors disclosure of its intention to undergo a significant organizational overhaul, opting for a division into two separate entities dedicated to commercial vehicles (CV) and passenger vehicles (PV) respectively.
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