Jeff Bezos has reestablished his position as the world's richest person, defeating Elon Musk, as the Amazon founder's net worth hits $200 billion, surpassing Musk's $198 billion, according to the Bloomberg Billionaires Index.
The billionaires' financial trajectories closely parallel Amazon and Tesla's stock market success, where both founders have large holdings. According to Al Jazeera, Amazon's stock rose 18% this year, while Tesla fell 24%. Even after selling $8.5 billion in Amazon shares last month, Jeff Bezos remains the biggest shareholder with 9.56%. Musk owns around 20% of Tesla.
(Photo: SAUL LOEB/AFP via Getty Images) Jeff Bezos, founder and CEO of Amazon, speaks during the Economic Club of Washington's Milestone Celebration event in Washington, DC, on September 13, 2018.
Elon Musk's Wealth Slides
Elon Musk also suffered legal losses in January when a US judge disqualified his $55.8 billion Tesla pay package due to clearance process problems.
TechTimes previously reported that Bernard Arnault, the French billionaire who runs LVMH, became the world's wealthiest person in January and toppled Elon Musk from the top spot.
The Tesla CEO's net worth fell from $320 billion in November 2021 to $205 billion, while Forbes valued CEO Bernard Arnault at $208 billion in that period. Forbes reported that Tesla suffered a market value drop of more than $95 billion in early 2024.
Furthermore, Tesla faced further problems in the electric vehicle (EV) industry as BYD overtook them in the fourth quarter of 2023. Tesla's stock fell 26% due to this financial turmoil. The challenges were driven by issues in the European vehicle market and concerns about the reliability of EVs in cold US conditions.
Adding complexity to the situation, Elon Musk advocated for an extensive pay package from fellow directors, hinting at a potential shift of focus to his AI and robotics initiatives outside Tesla. Tesla's Q4 earnings announcement, which omitted specific guidance and issued a vague warning of "notably lower" vehicle sales growth in 2024, served to accentuate the unrest even more.
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Jeff Bezos Invests in Humanoid Robots
Meanwhile, Jeff Bezos has joined other major technology players, including Nvidia Corp., in supporting the development of humanoid robots through the startup Figure AI, Inc. The Sunnyvale, California-based robotics company is in the midst of a funding round aiming to raise approximately $675 million, with an estimated pre-money valuation of $2 billion.
Jeff Bezos, through Explore Investments LLC, has committed $100 million to this funding endeavor, while Microsoft is contributing $95 million. Nvidia and an Amazon-affiliated fund are each investing $50 million. Brett Adcock, the founder and CEO of Figure AI, invested $20 million in the $70 million first external funding round that Parkway Venture Capital led last year.
Other notable investors in this round include Intel Corp.'s venture capital arm, LG Innotek, Samsung's investment group, Parkway Venture Capital, Align Ventures, ARK Venture Fund, Aliya Capital Partners, Tamarack, Boscolo Intervest Ltd., and BOLD Capital Partners.
While final details and the precise valuation of the funding round are yet to be confirmed, the significant interest and investments indicate the flourishing AI robotics sector.
Figure AI's focus is on advancing AI technology, particularly in the creation of humanoid robots capable of functioning in diverse settings, such as warehouses and retail environments, and handling hazardous tasks.
The backing from OpenAI and Microsoft underscores the growing importance of robots in the AI business landscape.
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