Bezos dethrones Musk as world’s richest

Henry

Amazon founder Jeff Bezos regained his title as the world’s richest man on Monday. He dethroned Elon Musk on the Bloomberg Billionaires Index.

Bezos’ net worth amounts to $200 billion, according to the index – slightly more than the Tesla chief’s $198 billion.

Musk, who also heads X (formerly Twitter) and SpaceX, saw his wealth drop by more than $30 billion as Tesla’s stock price fell 25% in the past few months.

In January, a court also annulled Musk’s enormous compensation agreement of $55.8 billion, which was entered into in 2018.

Bezos, who no longer runs Amazon, has meanwhile benefited from the e-commerce giant’s rising share price. Even after selling $8.5 billion worth of stock, he remains the company’s largest shareholder.

Bernard Arnault, CEO of French luxury group LVMH, maintains his third place with $197 billion.

Former Twitter execs are suing Musk

Former Twitter executives also sued Musk on Monday because he allegedly failed to pay them nearly $130 million after he bought the platform and sidelined them.

“Musk doesn’t pay his bills. He believes the rules do not apply to him. He uses his prosperity and wealth to steamroll anyone who disagrees with him,” said the documents filed in a federal court in California.

The plaintiffs include former CEO Parag Agrawal, who is seeking $57.4 million in benefits, according to the lawsuit, as well as fired CFO Ned Segal, who is seeking $44.5 million.

Other plaintiffs include former chief legal officer Vijaya Gadde and the company’s former general counsel Sean Edgett.

Musk fired Agrawal, Gadde and Segal in October 2022 after his controversial $44 billion takeover of Twitter.

According to the lawsuit, citing a recent authorized biography of Musk, he went out of his way to make sure the executive members could not resign before he fired them. They “properly and earnestly protected the interests of Twitter’s public shareholders through Musk’s illegal takeover attempt. For their efforts, Musk swore a lifetime of revenge”, the court documents say.

This refers to the months before the takeover when Agrawal and his team went to court to hold the Tesla chief accountable for the takeover after he wanted to pull out.

“Because Musk decided he didn’t want to pay the plaintiffs’ compensation benefits, he simply fired them for no reason.”

Twitter, which has since been dubbed X, has drastically cut its staff numbers.