Jeff Bezos Dethrones Elon Musk To Become Richest Person In The World

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.

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.