Elon Musk has reclaimed his position as the world’s richest person, surpassing Bernard Arnault and Jeff Bezos according to the Forbes Real Time Billionaires list, which frequently updates to reflect changes in net worth. Musk, the visionary behind Tesla, X, and SpaceX, now boasts a net worth of $210.7 billion. Trailing behind, LVMH’s Bernard Arnault holds the second position with a net worth of $201 billion, while Amazon founder Jeff Bezos ranks third with $197.4 billion.
A Rebound After a Brief Dip
Musk’s return to the top spot comes just two months after he lost it to Bezos on the Bloomberg Billionaires Index due to a 7.2 percent drop in Tesla’s share price. During that period, Musk’s net worth was $197.7 billion, while Bezos’s wealth stood at $200.3 billion.
Controversial Compensation Amid Success
Musk’s rise back to the pinnacle of wealth coincides with a contentious issue regarding his compensation. Tesla shareholders have recently been advised to vote against a proposed $56 billion pay package for Musk. If approved, it would represent the largest pay package for a CEO in U.S. corporate history.
The advisory firm Glass Lewis has criticized the pay deal, labeling it as excessively large, and pointed out the potential dilution effect if exercised. They also expressed concerns about Musk’s extensive and demanding slate of projects, which now includes his high-profile acquisition of Twitter, rebranded as X.
The Pay Package Debate
Tesla’s board of directors, often scrutinized for their close association with Musk, proposed the pay package. This compensation plan does not include a salary or cash bonus but instead ties rewards to the achievement of market value milestones. Specifically, the package is contingent on Tesla’s market capitalization reaching up to $650 billion over the ten years starting from 2018. As of now, Tesla’s market value stands at approximately $571.6 billion, according to data from LSEG.
