Amazon founder and executive chairman Jeff Bezos became the only American with a net worth above $200 billion Wednesday.
This extended his lead over the next wealthiest American, Tesla CEO Elon Musk with a $191 billion net worth, to some $10 billion.
Worth more than $85 billion more than he was a year ago, Bezos has benefited from a massive stock market surge for Amazon, as its stock has more than doubled since the beginning of 2023.
Bezos remains about $21 billion poorer than the world’s richest man, French luxury tycoon Bernard Arnault, steward of a $221 billion fortune.
Forbes noted that Musk was $76 billion richer than Bezos at the beginning of this year but the changing of the guard came as Amazon shares and Tesla shares moved in opposite directions (a majority of Bezos’ and Musk’s fortunes are tied to their respective stakes in Amazon and Tesla).
Tesla’s stock is down almost 33% year-to-date, while Amazon’s stock is up about 20%.
Also, a judge’s decision in January to strike down Musk’s historic $51 billion pay package from Tesla dragged down the billionaire’s net worth.
Meanwhile, Bezos’ net worth remains slightly below its peak of more than $210 billion achieved in July 2021, when Amazon hit its split-adjusted, record share price of about $186 (Amazon now trades at about $182 per share).
Amazon has taken investors for a wild ride since Bezos stepped down as CEO in 2021. Its stock experienced a more than 50% drawdown by late 2022 after reporting its first year in the red since 2014, though its stock and financial performance have since recovered, as Amazon reported a record $37 billion in free cash flow last year.
Bezos sold about $1 billion worth of Amazon shares in February, though he remains by far the company’s largest individual shareholder, with a 9% stake.