NEWS

Jeff Bezos overtakes Elon Musk to become world’s richest man

Jeff Bezos’s current wealth valuation of $191 billion has seen his personal wealth which mostly comes from Amazon stocks, record steady gains

Jeff Bezos, the 57-year-old American billionaire and founder of the world’s most valuable online retail company, has just reclaimed the world’s richest person title, after surpassing Elon Musk some hours ago, according to the real-time data retrieved from the Bloomberg Billionaire index.

Bezos’s current wealth valuation of $191 billion has seen his personal wealth, which mostly comes from Amazon stocks, record steady gains over time.

Elon Musk, currently worth $190 billion, saw his net worth plunge by $4.58 billion on Tuesday, as Tesla shares lost about 2.4% in value.

It comes as no surprise to many stock pundits as Amazon’s share price skyrocketed in recent years, along with the company’s share price. Bezos has continued to notch new wealth milestones.

Jeff Bezos’s present net worth of $191 billion can buy 107 million troy ounces of gold or 3.01 billion barrels of crude oil.

Recall that about a week ago, Nairametrics reported that the man behind the world’s most valuable retail company, Amazon, had steadily been closing in on the world’s richest man at the time, Elon Musk, to reclaim that title.

The online retail giant’s returns have, under Bezos as the chief executive officer of the e-commerce giant, actually ranked second among all S&P stocks since the IPO in May 1997.

Bezos’ cash at the bank is estimated to be worth $9.7 billion and most of his wealth is tied to his stake in Amazon.

What this means: Most rich individuals, including successful tech entrepreneurs, fashion icons, and leading hedge fund managers, would rather invest most of their funds in assets like stocks, real estate businesses, debt instruments, and lately cryptos, than hold a significant amount of cash at the bank, because many banks offer unimpressive interest rates.

Bezos owns about 11% of Amazon, according to its most recent SEC filing.

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