Tech magnate Elon Musk has once again ascended to the position of the world's second richest person, overthrowing Amazon titan Jeff Bezos.
Musk's soaring wealth, now valued at a staggering $205.6 billion, marks a remarkable $14.5 billion surge in stocks, as reported by Quartz.
Bezos, with a wealth totaling $198.9 billion, experienced a modest increase of $1.3 billion, following Musk's triumph. The relentless battle for supremacy between these titans of industry has captured global attention, with fortunes fluctuating like stocks on a volatile market.
The recent reversal of fortunes comes hot on the heels of Bezos' brief stint as the world's second wealthiest individual, achieved after selling a significant portion of Amazon shares in March. However, Musk's resurgence has relegated Bezos back to third place in the billionaire rankings.
Despite their immense wealth, both Musk and Bezos find themselves trailing behind the current reigning champion of affluence, Bernard Arnault, chairman of the luxury goods conglomerate LVMH. Arnault's family fortune, standing at a formidable $210.1 billion, maintains its lead despite a slight $3.4 billion dip, according to Forbes.
For Musk, the tantalizing prospect of clinching the title of the world's richest person looms tantalizingly close, with a mere $5 billion separating him from dethroning Arnault.
Much of Musk's financial prowess stems from his substantial holdings in Tesla, where he commands a sizable 20.5% share. Additionally, his diverse portfolio includes ownership stakes in six other ventures, ranging from space exploration with SpaceX to cutting-edge technologies like Neuralink and xAI.
Tesla's stock surged to new heights following Musk's highly publicized visit to China, where he held discussions with Premier Li Qiang. This surprise excursion bore fruit as key regulatory obstacles hindering Tesla's self-driving software were swiftly cleared, paving the way for further innovation and expansion in the Chinese market.
Reports also indicate that Tesla has inked a lucrative agreement with Chinese internet powerhouse Baidu, securing access to its mapping license for comprehensive data collection on Chinese roadways.
