Elon Musk has lost his title as the world’s richest person to Jeff Bezos. Musk slipped to the second position on the Bloomberg Billionaire Index, with Bezos claiming the top spot. This change came after Tesla shares fell around 7.2 percent on Monday, causing Musk’s net worth to drop to $197.7 billion, while Bezos’ fortune reached $200.3 billion.
This marks the first time since 2021 that Bezos has topped the list of the world’s richest individuals. While Tesla shares continue to decline, Amazon shares have been steadily rising, narrowing the wealth gap between Musk and Bezos in recent months.
At one point, the difference in net worth between Musk and Bezos was as wide as $142 billion. Both companies are part of the Magnificent Seven stocks in the US, but Amazon’s stock has doubled since 2022, while Tesla shares have fallen nearly 50 percent since their peak in 2021.
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Tesla shares dropped on Monday after preliminary data revealed a decline in shipments from its Shanghai factory to the lowest level in over a year. Meanwhile, Amazon is experiencing its best online sales growth since the early stages of the pandemic.
Elon Musk’s net worth is expected to take another significant hit, not only due to the decline in Tesla shares but also because a Delaware judge invalidated his $55 billion pay package at Tesla. The decision sided with an investor who challenged Musk’s compensation plan, which was the largest in history. Options included in the voided plan are among Musk’s largest assets, alongside his stakes in Tesla and SpaceX.
In contrast, the majority of Bezos’s fortune comes from his 9% stake in Amazon. He remains the online retailer’s largest shareholder, even after selling 50 million shares worth about $8.5 billion last month.
Bezos first became the world’s richest person in 2017, surpassing Microsoft founder Bill Gates. He regained the top spot in 2021 as Amazon shares surged while Tesla shares gradually declined.
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