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Elon Musk loses world's richest person title to Amazon founder Jeff Bezos as Tesla shares tumble

For the first time since 2021, Bezos has reclaimed the top position as the world's richest person. This shift comes as Tesla shares continue to decline, while Amazon shares have been steadily rising, narrowing the wealth gap between the two billionaires in recent months.

Edited By: Anurag Roushan @Candid_Tilaiyan Washington Published on: March 05, 2024 10:58 IST
Elon Musk loses world's richest person title to Amazon founder Jeff Bezos
Image Source : REUTERS/AP Tesla CEO Elon Musk (L) and Amazon founder Jeff Bezos.

Billionaire Elon Musk is no longer the world's richest person as he lost the title to Amazon founder Jeff Bezos. Musk lost his position atop for the first time in more than nine months. According to the latest data from the Bloomberg Billionaires Index, Bezos's current net worth has reached USD 200 billion, while Musk's has slightly decreased to USD 198 billion.

The Index, released on Tuesday, highlighted that over the past year, Musk experienced a loss of approximately USD 31 billion, whereas Bezos saw an increase of USD 23 billion in his fortune. 

In January 2021, Musk had surpassed Bezos to claim the title of the world's wealthiest person, with a net worth of USD 195 billion. Two years later in May 2023, Musk once again ascended to the top spot, surpassing tycoon Bernard Arnault, the CEO of luxury brand Louis Vuitton's parent company LVMH. Arnault had initially overtaken Musk as the world's richest person in December 2022 when Tesla's value experienced a significant decline.

Bezos retains top spot after 2021

For the first time since 2021, Bezos has reclaimed the top position as the world's richest person. This shift comes as Tesla shares continue to decline, while Amazon shares have been steadily rising, narrowing the wealth gap between the two billionaires in recent months.

At one stage, the difference in net worth between Musk and Bezos had reached as high as $142 billion. Both Amazon and Tesla are prominent components of the Magnificent Seven stocks in the US market. However, Amazon's stock has doubled in value since 2022, whereas Tesla shares have experienced a nearly 50 percent decline since reaching their peak in 2021.

Arnault at 3rd, Zuckerberg 4th

According to the latest Bloomberg Billionaires Index, Arnault now holds the third position with a net worth of USD 197 billion. Following him are Meta CEO Mark Zuckerberg with USD 179 billion and Microsoft co-founder Bill Gates with USD 150 billion.

Where do Ambani and Adani stand? 

Meanwhile, Mukesh Ambani, Chairman of Reliance Industries, and Gautam Adani, Chairman of the Adani Group, occupy the 11th and 12th spots, respectively. Ambani's net worth is reported at USD 115 billion, while Adani's stands at USD 104 billion.

ALSO READ: Former Twitter CEO Parag Agarwal, 3 others sue Elon Musk for over USD 128 million: Here's why

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