Elon Musk loses the title of richest person in the world to Jeff Bezos

For the first time in more than nine months, Elon Musk is no longer the richest person in the world.

Musk lost his position at the top of the Bloomberg Billionaires Index Jeff Bezos after Tesla Inc. shares fell 7.2% on Monday. Musk now has a net worth of $197.7 billion; Bezos’ fortune is $200.3 billion.

It is the first time that Bezos, 60, founder of Amazon.com Inc., tops Bloomberg’s ranking of the richest people since 2021.

the wealth gap between Musk, 52, and Bezos, which at one point reached $142 billion, has been narrowing as shares of Amazon and Tesla move in opposite directions. While both are among the so-called Magnificent Seven stocks that have boosted US stock markets, Amazon 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.

Tesla shares fell on Monday after preliminary data showed shipments from its factory in Shanghai fell to the lowest level in more than a year. Meanwhile, Amazon is achieving its best online sales growth since early in the pandemic.

payment package

Musk’s wealth could take a fresh hit after a Delaware judge voided his $55 billion pay package at Tesla, where he is CEO. the decision was taken by an investor who had questioned Musk’s compensation plan, which had been the largest in history.

the options that were included in the voided plan are one of Musk’s biggest assets, along with his stakes in Tesla and SpaceX. the Bloomberg Index continues to include them in its calculations of their wealth.

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

Read more: Bezos closes the sale of 50 million Amazon shares and obtains a net profit of 8.5 billion dollars

For Bezos, being at the top of the wealth rankings is a familiar position. He first surpassed Microsoft Inc. co-founder Bill Gates as the world’s richest person in 2017.

But a massive rally in Tesla stock left Bezos competing with Musk for much of 2021 for the top spot. At the end of that year he fell far behind and did not regain the number one position until now.

Bernardo Arnault74 years old, president of LVMH Moet Hennessy Louis Vuittonthe world’s largest luxury goods maker is also among the richest in the world with a net worth of $197.5 billion.