Elon Musk loses world's richest title to Jeff Bezos


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For the first time in more than nine months, Elon Musk is no longer the world’s richest person.

Mr Musk lost his position on top of the Bloomberg Billionaires Index to Jeff Bezos after shares in Tesla fell 7.2 per cent on Monday, wiping $17.6 billion from his fortune.

Mr Musk now has a net worth of $197.7 billion, while Mr Bezos’ fortune is $200.3 billion, making him the sole member of the exclusive $200 billion club.

It’s the first time that Mr Bezos, 60, the founder of Amazon.com, has topped Bloomberg’s ranking of the richest people since 2021.

The gap between Mr Musk, 52, and Mr Bezos, which at one point was $142 billion, has been shrinking as Amazon and Tesla shares move in opposite directions.

While both are among the so-called Magnificent Seven stocks, Amazon shares have more than doubled since late 2022 and are nearing a high.

Tesla is down about 50 per cent from its 2021 peak.

Tesla shares fell after preliminary data showed shipments from its factory in Shanghai fell to the lowest in more than a year. Amazon, meanwhile, is coming off its best online sales growth since the Covid-19 pandemic.

Mr Musk’s wealth could take a further hit after a US judge struck down his $55 billion pay package at Tesla, where he’s chief executive. The decision took the side of an investor who’d challenged Mr Musk’s compensation plan, which had been the largest in history.

Options that were included in the plan are one of Mr Musk’s largest assets, alongside his stakes in Tesla and SpaceX. The Bloomberg Billionaires Index continues to include them in its calculations of his wealth.

The majority of Mr Bezos’s fortune comes from his 9 per cent stake in Amazon. He is the online retailer’s largest shareholder, even after unloading 50 million shares worth about $8.5 billion last month.

Mr Bezos has been top of the wealth rankings previously. He first overtook Microsoft co-founder Bill Gates as the world’s richest person in 2017.

However, a rise in Tesla shares left Mr Bezos jockeying with Mr Musk for much of 2021 for the top spot. Late that year, he fell way behind until now.

Bernard Arnault, 74, chairman of LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury goods maker, is ranked as the third-wealthiest person in the world with a net worth of $197 billion.

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Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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MATCH INFO

Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)

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THURSDAY'S ORDER OF PLAY

Centre Court

Starting at 10am:

Lucrezia Stefanini v Elena Rybakina (6)

Aryna Sabalenka (4) v Polona Hercog

Sofia Kenin (1) v Zhaoxuan Yan

Kristina Mladenovic v Garbine Muguruza (5)

Sorana Cirstea v Karolina Pliskova (3)

Jessica Pegula v Elina Svitolina (2)

Court 1

Starting at 10am:

Sara Sorribes Tormo v Nadia Podoroska

Marketa Vondrousova v Su-Wei Hsieh

Elise Mertens (7) v Alize Cornet

Tamara Zidansek v Jennifer Brady (11)

Heather Watson v Jodie Burrage

Vera Zvonareva v Amandine Hesse

Court 2

Starting at 10am:

Arantxa Rus v Xiyu Wang

Maria Kostyuk v Lucie Hradecka

Karolina Muchova v Danka Kovinic

Cori Gauff v Ulrikke Eikeri

Mona Barthel v Anastasia Gasanova

Court 3

Starting at 10am:

Kateryna Bondarenko v Yafan Wang

Aliaksandra Sasnovich v Anna Bondar

Bianca Turati v Yaroslava Shvedova

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ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

The biog

Favourite book: Men are from Mars Women are from Venus

Favourite travel destination: Ooty, a hill station in South India

Hobbies: Cooking. Biryani, pepper crab are her signature dishes

Favourite place in UAE: Marjan Island

Series info

Test series schedule 1st Test, Abu Dhabi: Sri Lanka won by 21 runs; 2nd Test, Dubai: Play starts at 2pm, Friday-Tuesday

ODI series schedule 1st ODI, Dubai: October 13; 2nd ODI, Abu Dhabi: October 16; 3rd ODI, Abu Dhabi: October 18; 4th ODI, Sharjah: October 20; 5th ODI, Sharjah: October 23

T20 series schedule 1st T20, Abu Dhabi: October 26; 2nd T20, Abu Dhabi: October 27; 3rd T20, Lahore: October 29

Tickets Available at www.q-tickets.com

Stat Fourteen Fourteen of the past 15 Test matches in the UAE have been decided on the final day. Both of the previous two Tests at Dubai International Stadium have been settled in the last session. Pakistan won with less than an hour to go against West Indies last year. Against England in 2015, there were just three balls left.

Key battle - Azhar Ali v Rangana Herath Herath may not quite be as flash as Muttiah Muralitharan, his former spin-twin who ended his career by taking his 800th wicket with his final delivery in Tests. He still has a decent sense of an ending, though. He won the Abu Dhabi match for his side with 11 wickets, the last of which was his 400th in Tests. It was not the first time he has owned Pakistan, either. A quarter of all his Test victims have been Pakistani. If Pakistan are going to avoid a first ever series defeat in the UAE, Azhar, their senior batsman, needs to stand up and show the way to blunt Herath.

Wonka
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Updated: March 05, 2024, 12:25 PM`