Elon Musk crowned world’s richest man, overtaking Jeff Bezos


Elon Musk, the CEO of Tesla and X, became the richest man in the world for the second time, according to a Wednesday report by Forbes. 

Musk’s estimated net worth increased by an estimated $815 million on Wednesday morning, while the now second richest man Jeff Bezos’s net worth decreased by $558 million, according to Forbes’ Real-Time Billionaires tracker.

Estimating Musk’s entire net worth, the tracker claimed that Musk had a combined total of $193.6 billion as of Wednesday at 1 p.m. 

Tesla and SpaceX’s CEO Elon Musk pauses during an in-conversation event with British Prime Minister Rishi Sunak in London, Britain, Thursday, Nov. 2, 2023. (credit: REUTERS/KIRSTY WIGGLESWORTH/POOL)

How did Musk’s wealth increase so quickly?

Tesla’s stock increased by 1.3% on Wednesday, while Amazon’s dropped by 0.6%. As both Bezos and Musk are heavy shareholders in their companies, fluctuating stock prices can impact their net worth.

Tesla’s stock increased alongside media reports that the model Y is expected to increase in cost in China by $3,200 on April 1, Investor’s Business Daily. The site also claimed that investors expect Tesla’s 2024 earnings to fall below the 2023 ones.

Since March, Bezos and Musk have repeatedly overtaken each other for the title of world’s richest man.