News

Jeff Bezos reclaims title of world’s richest person, surpassing previous No. 1 Elon Musk

Amazon founder Jeff Bezos reclaimed his title as the world’s richest man on Monday, surpassing Elon Musk on the Bloomberg Billionaires Index. Bezos’ net worth now stands at $200 billion, edging out the Tesla chief’s $198 billion.

Musk, who leads Tesla, SpaceX, and X, has seen a significant decline in his wealth by over $30 billion due to a 25% drop in Tesla’s share price in recent months.

In January, a court approved the cancellation of Musk’s $55.8 billion Tesla compensation agreement, which was initially agreed upon in 2018, adding to his financial woes.

On the other hand, Bezos, who is no longer involved in Amazon’s day-to-day operations, has seen a rise in his wealth due to the e-commerce giant’s soaring stock price.

Despite selling $8.5 billion in shares recently, Bezos remains the largest stockholder of the company. Bernard Arnault, the CEO of luxury group LVMH, still holds the third spot in the list of the world’s wealthiest individuals, with a net worth of $197 billion.

According to the latest update from the Bloomberg Billionaires Index, Jeff Bezos has once again claimed the title of the world’s wealthiest individual, surpassing Elon Musk. Bezos, the founder of Amazon, boasts a net worth of $200 billion, while Musk follows closely behind at $198 billion. Over the past year, Musk has seen a decline of about $31 billion in his wealth, whereas Bezos has seen an increase of $23 billion.

On Monday, Tesla shares experienced a significant drop of more than 7%. This shift in fortunes comes after Musk had previously overtaken Bernard Arnault, CEO of LVMH, to become the world’s richest person in May 2023. Arnault, overseeing a conglomerate that includes luxury brands like Louis Vuitton and Dior, had been in the running alongside Musk and Bezos for the top spot for months, fueled by a surge in luxury goods sales.

However, Musk’s financial trajectory faced setbacks earlier this year when a Delaware state court invalidated his 2018 compensation package, valued at over $50 billion. This ruling contributed to a 24% year-to-date decline in Tesla’s shares.

It’s worth noting that the title of the richest person on the planet tends to change hands frequently, influenced by market performance. Despite this fluctuation, Musk and Arnault still hold considerable wealth. Since 2020, the combined net worth of the five wealthiest individuals has soared by 114% to a total of $869 billion, adjusted for inflation, as reported by Oxfam’s annual inequality report.

Jeff Bezos has once again secured the title of the world’s wealthiest individual, marking the first time since 2021 that he has surpassed Elon Musk on the Bloomberg Billionaires Index.

As per the index, Bezos, the visionary behind Amazon, boasts a net worth of $200 billion, while Musk, known for spearheading SpaceX, Tesla, and the social media platform X, trails closely behind with $198 billion.

The Bloomberg Billionaires Index provides a daily ranking of the globe’s richest individuals, with updates reflecting the close of trading in New York each day. The recent shift occurred following Tesla’s implementation of new price reductions in the U.S. and China, which led to a notable 7% drop in shares on Monday, as reported by Market Watch. Much of Musk’s wealth is tied to Tesla shares, according to Bloomberg.

In addition to the share price decline, Musk faced further setbacks when a Delaware court rejected his landmark $55.8 billion compensation package, which had been granted by Tesla’s board of directors in January.

According to the Bloomberg Billionaires Index, Musk has experienced a loss of approximately $31.3 billion over the past year, while Bezos has seen a gain of $23.4 billion. Bezos recently sold about 50 million Amazon shares valued at around $8 billion and retains a 9% stake in the company, as noted by Market Watch. Bernard Arnault, CEO of the French luxury goods conglomerate LVMH, holds the third position on the Bloomberg Billionaires Index with an estimated net worth of $197 billion.

The top-ranking trio of Bezos, Musk, and Arnault have frequently exchanged positions as the wealthiest individuals, often influenced by the stock performance of their respective companies.

This report originates from Cincinnati.

News

Kevin McCarthy, former House Speaker, seeks revenge

Ousted House Speaker Kevin McCarthy is out for vengeance. After being voted out as House speaker, McCarthy left office at the end of 2023. Now, he is traveling the country giving speeches, appearing on TV, and plotting revenge against those who orchestrated his downfall.

Eight Republican lawmakers joined with Democrats in toppling McCarthy, marking the first time a House leader has been voted out. Two of the Republicans who voted against him are retiring, while three others are facing strong primary challenges. McCarthy is working behind the scenes to ensure their defeat, using his political connections and resources to support their opponents.

McCarthy’s main nemesis in this battle for vengeance is Rep. Matt Gaetz, who was instrumental in McCarthy’s ouster. During a recent appearance at Georgetown University, McCarthy accused Gaetz of pushing him out of the speakership due to an ethics complaint involving a 17-year-old girl. Gaetz denied the allegations and called McCarthy a liar.

Despite the turmoil of his speakership lasting less than nine months, McCarthy feels liberated and focused on campaigns and elections, which have always been his forte. He remains close to lawmakers he recruited and maintains a vast donor network built over years as a top GOP strategist.

McCarthy’s top priority is to secure Republican control of the House in the upcoming elections. He is also focused on reelecting key members, such as Young Kim, Michelle Steel, and Lori Chavez-DeRemer, who have diversified the House GOP.

At a recent seminar on American democracy, McCarthy displayed both charm and self-deprecation. He broke with former President Trump by supporting aid for Ukraine and acknowledging Joe Biden’s victory in the 2020 election. However, McCarthy also dodged questions and made false equivalences, drawing criticism from his detractors.

Despite speculation about a second Trump administration, McCarthy has not shown interest in becoming an influence peddler. Instead, he prefers working in the campaign realm, where his skills and talents are best utilized. McCarthy’s focus is on electing viable Republican candidates and achieving payback against those who pushed him out of power.

In conclusion, Kevin McCarthy is on a mission for vengeance, using his political savvy and resources to take down his opponents and secure Republican victories. His determination and focus on campaigns and elections show that McCarthy is not one to back down easily, making him a force to be reckoned with in the world of politics.