Jeff Bezos Ousts Elon Musk to Become World's Richest Person

This is the first time that 60-year-old Bezos, the founder of Amazon.com, has topped Bloomberg's richest people list since 2021.

Musk lost his position at the top of the Bloomberg Billionaires Index to Jeff Bezos after Tesla Inc. shares fell 7.2% on Monday.

The Amazon founder was worth $200 billion, followed by Musk with $198 billion. According to the index, Musk lost about $31 billion over the past year, while Bezos gained $23 billion.

The wealth gap between the 52-year-old Musk and Bezos, which once stood at $142 billion, is shrinking as Amazon and Tesla's stocks move in opposite directions. While both companies are part of the so-called magnificent seven stocks that have pushed US stock markets higher, Amazon's shares have more than doubled since the end of 2022 and are within striking distance of an all-time high. Tesla is down about 50% from its 2021 peak.

Musk's wealth could be further damaged after a Delaware judge cancelled his $55 billion salary at Tesla, where he is CEO. The decision was made by an investor who challenged Musk's compensation plan, which was the largest in history.

The vast majority of Bezos's wealth comes from his 9% stake in Amazon. He is the online retailer's largest shareholder, even after withdrawing 50 million shares worth about $8.5 billion last month.

In May 2023, Musk regained the title of the world's richest man, ousting LVMH CEO Bernard Arnault, who runs one of the world's largest conglomerates, which includes brands such as Louis Vuitton, Dior and Celine. 

The three centibillionaires - Musk, Arnault and Bezos - had been competing with each other for the top spot for several months. Arnault won the title as his wealth grew due to a boom in luxury goods sales during the pandemic, which helped boost LVMH's share price.