California, March 5: The Bloomberg Billionaires Index shows that Elon Musk has lost his position as the richest person in the world for the first time in more than nine months. The reorganisation follows a 7.2% decline in Tesla's stock price on March 4. With a wealth of USD 200.3 billion, Jeff Bezos, the founder of Amazon, reclaims the top rank, while Musk's net worth is currently USD 197.7 billion. For the first time since 2021, Bezos is back at the top of Bloomberg's rankings. Once as much as $142 billion, the wealth difference between the two IT titans has shrunk dramatically as their respective stock trajectories have caused their fortunes to diverge.

Both businesses are among the "Magnificent Seven" firms that have driven the US market, but since late 2022, Amazon's shares have more than doubled and are getting close to all-time highs. By comparison, from its 2021 top, Tesla's stock price has dropped by over half. Elon Musk Reclaims Title of ‘World’s Richest Man’ From French Luxury Tycoon Bernard Arnault, Exceeding Net Worth by USD 50 Billion.

Preliminary data from its Shanghai factory indicated a sharp reduction in shipments, which hit their lowest level in more than a year, which was the reason behind Tesla's share price decline. According to the Bloomberg analysis, Amazon is currently seeing the strongest surge in its online sales since the beginning of the epidemic.

After a Delaware court ruled that Musk's USD 55 billion Tesla compensation deal was exorbitant, Musk's riches may be subject to other lawsuits. Even though they are now being taken into account when determining his net worth, the options contained in the cancelled plan were among his most valued possessions. But Bezos makes most of his money (about 9% of it) from his shares in Amazon; he still holds the largest interest in the firm even after selling shares for $8.5 billion. French Billionaire Bernard Arnault Overtakes Elon Musk to Become World’s Richest Man; Check His Net Worth Here.

Bezos has held the title of richest person in the world before. After first surpassing Microsoft co-founder Bill Gates in 2017, he and Musk got into a wealth race that lasted for a large portion of 2021. Bezos has regained the top place after a temporary deficit. The head of LVMH, the biggest luxury goods firm in the world, Bernard Arnault, is still a major player in the battle for riches, with a net worth of $197.5 billion, while Musk and Bezos compete for the top place.

(The above story first appeared on LatestLY on Mar 05, 2024 08:27 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).