Elon Musk ousts Jeff Bezos from the Forbes billionaires list for the first time with a net worth of $219 billion

Tesla and SpaceX CEO Elon Musk has passed To beappears on the annual billionaires list for the first time, ousting former Amazon chairman Jeff Bezos, who has spent the past four years as the richest person in the world.

Musk, with an estimated net job of $219 billion, has been on the list for a decade, with his massive wealth in recent years attributed to his booming and volatile Tesla stock. Two years ago, Musk ranked 31st in the world on Forbes listing, with shares in his electric vehicle company at $72.24. A year later, his fortune has grown by billions, surpassing Bezos by just $26 billion.

In 2012, when he debuted on the list, his net worth was estimated at $2 billion. Today, Musk is estimated to be $68 billion richer than just a year ago.

The number of billionaires worldwide has dropped by around 100 people in 2022, maintaining a global net worth of $12.7 trillion, down from $13.1 trillion last year.

But the number of billionaires in the United States has risen to 725 people, worth a combined $4.7 trillion, or about a third of the total wealth of billionaires worldwide.

“The tumultuous stock market has contributed to the sharp decline in the fortunes of many of the world’s wealthiest people,” said Kerry Dolan, Forbes‘ Deputy Managing Editor of Wealth. “Yet over 1,000 billionaires have gotten richer in the past year.”

A day after revealing he had a 9.2% stake in Twitter shares, the social media platform revealed in a regulatory filing that Musk would join its board, giving the man the world’s richest a seat on the company’s board of directors until at least 2024.

“Through conversations with Elon over the past few weeks, it became clear to us that he would bring great value to our board,” Twitter CEO Parag Agrawal said on April 5.

Shares of the platform gained 35% after Musk’s announcement, adding hundreds of millions of dollars to his fortune.

Under US President Joe Biden’s proposal to Congress for a minimum tax on billionaires, US households worth more than $10 million would pay a 20% tax rate on income plus related unrealized gains to other assets, such as stocks and bonds, which are not currently taxed until they are sold.

ProPublica investigation finds Musk paid no federal income tax in 2018; Bezos paid no federal income taxes in 2007 or 2011, according to the report.

The report showed Musk paid an effective tax rate of 3.27%, or $455 million, for his wealth growth of $13.9 billion over the five-year period between 2014 and 2018.

While his taxable income over that five-year period was $1.52 billion, he paid no federal income tax in 2018, according to the report.

The Biden administration’s proposal “eliminates ineffective income protection for decades or generations,” according to the White House.

At a press conference last month, the president said one-hundredth of one percent of Americans would be subject to the tax, which he called “fair, and it raises $360 billion. dollars that can be used to reduce costs for families and reduce the deficit”. ”.

This proposal could see Musk with a tax bill of at least $50 billion.

This is a developing story

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