Elon Musk has lost his title as the world’s richest person, surpassed by Amazon founder Jeff Bezos, according to Bloomberg’s Billionaires Index, a comprehensive listing of the world’s 500 wealthiest individuals.
As of Tuesday, Jeff Bezos’ net worth reached $200 billion, while Elon Musk’s net worth stood at $198 billion. Musk’s decline in the ranking is attributed to the significant drop in Tesla stock, which has experienced a more than 7% decline on Monday alone. The decrease in Tesla’s stock value is linked to introducing price cuts and discounts by the electric vehicle (EV) maker in the US and China.
Elon Musk’s net worth has decreased by more than $31 billion in the past year, while Jeff Bezos’ wealth has increased by over $23 billion.
This marks the first time since late 2021 that Jeff Bezos has reclaimed the top position on Bloomberg’s Billionaires Index. Bezos, who owns about 9% of Amazon, the world’s largest online retailer, owns Blue Origin, a space exploration company, and other businesses.
Bloomberg’s Billionaires Index designates French luxury goods magnate Bernard Arnault, the CEO of LVMH (Louis Vuitton Moët Hennessy), as the world’s third-richest person.
Bezos, Musk, and Arnault have consistently vied for the top position. According to Bloomberg, these three individuals are the only ones to have ever surpassed $200 billion in net worth.
