Jeff Bezos Dethrones Elon Musk To Reclaim World's Richest Man Title

Jeff Bezos, the founder of Amazon, has once again secured his position as the world's wealthiest individual, surpassing Tesla CEO Elon Musk, according to the Bloomberg Billionaires Index. Musk's net worth is presently estimated at $197.7 billion, whereas Jeff Bezos boasts a fortune totaling $200.3 billion.

Over the past year, Musk has experienced a decline in his net worth by approximately $31 billion, while Bezos has seen an increase of $23 billion. Musk relinquished his top rank following a 7.2 per cent dip in Tesla's shares on March 4. Moreover, a Delaware court ruling invalidated Musk's $55 billion compensation package, deeming it excessively high, potentially posing further challenges for the Tesla CEO.

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The wealth disparity between these two billionaires, which was once as wide as $142 billion, has notably narrowed over time. Both Amazon and Tesla are prominent components of the "Magnificent Seven" stocks that heavily influence the American stock market. While Amazon's shares have more than doubled since late 2022, Tesla's stock price has plummeted by around 50 percent compared to its peak in 2021.

Despite recently selling shares worth $8.5 billion, Bezos remains the largest shareholder in Amazon. He first topped the Bloomberg list in 2017 after Microsoft founder Bill Gates stepped down from the position.

In January 2021, Musk surpassed Bezos to claim the title of the world's richest person with a net worth of $195 billion.

Meanwhile, India's Mukesh Ambani and Gautam Adani, founders of Reliance Industries Ltd (RIL) and the Adani Group, respectively, hold the 11th and 12th positions on the list with net worths of $115 billion and $104 billion.

Last month in Januray, Bernard Arnault became the wealthiest person in the world, according to Forbes. The founder, chairman, and CEO of global luxury goods brand LVMH (Louis Vitton) has surpassed Elon Musk and secured his position as the wealthiest person in the world. As per Forbes, the Arnault family is currently worth $207.8 billion. The family’s net worth increased by $23.6 billion on Friday, securing the first rank for Arnault. Elon Musk, meanwhile, has a net worth of $204.5 billion, reducing by over $18 billion.

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