For the first time in more than nine months, Elon Musk is no longer the world’s richest person, Report informs referring to Bloomberg.
Musk lost his position atop the Bloomberg Billionaires Index to Jeff Bezos after shares in Tesla Inc. tumbled 7.2% on Monday. Musk now has a net worth of $197.7 billion; Bezos’ fortune is $200.3 billion.
It’s the first time that Bezos, 60, the founder of Amazon.com Inc., has topped Bloomberg’s ranking of the richest people since 2021.
The wealth gap between Musk, 52, and Bezos, which at one point was as wide as $142 billion, has been shrinking as Amazon and Tesla shares move in opposite directions. While both are among the so-called Magnificent Seven stocks that have propelled US equity markets, Amazon shares have more than doubled since late 2022 and are within striking distance of a record high. Tesla is down about 50% from its 2021 peak.
For Bezos, being atop the wealth rankings is a familiar perch. He first overtook Microsoft Inc. co-founder Bill Gates as the world’s richest person in 2017.
But a massive rally in Tesla shares left Bezos jockeying with Musk for much of 2021 for the top spot. Late that year he fell way behind, and didn’t regain the No. 1 position until now.
Bernard Arnault, 74, the chairman of LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury-goods maker, also ranks among the world’s wealthiest with a net worth of $197.5 billion.
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