Amazon Founder Jeff Bezos reclaimed the spot of the world’s richest person, dethroning Tesla CEO Elon Musk, the Bloomberg Billionaires Index mentioned on Monday.
The development has come against the backdrop of the Tesla share shakeup of a 7.2 percent on March 4. At present, Musk’s net worth is pegged at $197.7 billion, while Jeff Bezos reclaims the top spot with a fortune of $200.3 billion.
Notably, Musk has relinquished his title as the world’s richest person for the first time in over nine months, according to the Bloomberg Billionaires Index.
Bezos back at top
This is Bezos’s first return to the top spot of Bloomberg’s ranking since 2021, signifying a significant shift in the wealth dynamics between the two tech giants.
It is noteworthy that the wealth gap of tech giants once stood at a gap of $142 billion, which has considerably narrowed as their fortunes fluctuate with contrasting stock trends.
While both Amazon and Tesla are part of the “Magnificent Seven” stocks that drive the American stock market, Amazon has witnessed a remarkable rise in its shares, more than doubling since late 2022 and nearing all-time highs. In contrast, Tesla’s stock price has plummeted by approximately 50 percent compared to its peak in 2021.
More challenges on the cards
Meanwhile, Elon Musk may encounter more challenges following a Delaware court ruling that invalidated his $55 billion pay package at Tesla, deeming it excessive. Although the options included in the annulled plan are still factored into his net worth calculation for now, they constitute one of his most valuable assets.
On the other hand, Jeff Bezos’ preliminary income of around 9 percent of his fortune comes from his stake in Amazon, retaining his position as the company’s largest shareholder despite recently selling $8.5 billion worth of shares.
This isn’t the first time Bezos has held the title of the world’s richest person. He initially surpassed Microsoft co-founder Bill Gates in 2017 but engaged in a wealth rivalry with Musk for much of 2021.