Elon Musk Loses World’s Richest Man Title to Jeff Bezos, Dangote Jumps 4 Places
- Elon Musk has lost his position as the World's richest billionaire after losing over $17 billion of his wealth in one day
- Jeff Bezos now holds the title as the World's richest man, according to data from the Bloomberg index
- Nigerian billionaire Aliko Dangote has earned over $140 million(over N215bn) in the last 24 hours, helping him climb the billionaire ranking
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Jeff Bezos, the chief executive officer of Amazon, has reclaimed his title as the world's wealthiest man, with a net worth of $200 billion.
The last time Bezos was the world's richest person was in 2021.
Source: Getty Images
How Bezos became world's richest man
Bezos's race to the top happened after Amazon shares rallied. It is currently up by 17% year to date and nearly 90% higher than a year ago.
Bezos owns about 9% of Amazon, the world's largest online retailer. His net worth goes up when Amazon stock rises.
Data from Bloomberg's billionaire index showed that this rally has helped Bezos so far in 2024 make $23.4 billion.
Elon Musk drops to second
Elon Musk, Twitter and Tesla CEO, is currently second in the world's wealthiest men list with a net worth of $198 billion as at Tuesday, March 5, 2024.
On Monday alone, Musk's wealth plunged by $17.6 billion and has so far lost $31.3 billion of his net worth.
Close behind in the billionaire list is French billionaire Bernard Arnault, who has a net worth of $197 billion.
Mark Zuckerberg and Bill Gates complete the top five list of the World's richest men with $179 billion and $150 billion, respectively.
Dangote jumps five places
It is also good news for Aliko Dangote, the richest man in Nigeria, who saw his wealth increase by $141 million in 24 hours to a net worth of $14.8 billion as at March 5.
Dangote currently ranks as the 132nd richest man in the World, a four-place jump in position compared to his ranking of 136th at the start of March 2024.
Femi Otedola becomes Nigeria's 4th richest man
Legit.ng also reported that Femi Otedola was ranked the 4th richest man in Nigeria amid bullish Nigerian stock performance.
According to the latest update of the Forbes Billionaire Index, Otedola has a net worth of $1.2 billion after making over $6 million on Thursday, January 11, 2024.
His new net worth placed him as the 2,353 richest man in the World.
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Source: Legit.ng
