Elon Musk no longer richest person in world, this veteran achieved top ranking

There has been a lot of upheaval in the lists of the rich around the world. Elon Musk has suffered a big shock in this list.

According to Bloomberg, Elon Musk, the owner of giant companies like X and Tesla, is no longer the richest person in the world. This is the first time in the last 9 months that Musk has been stripped of this title. The title of Elon Musk as the richest person in the world has now gone to another businessman. Elon Musk lost the position of the richest person in the Bloomberg Billionaires Index after Tesla Inc.'s shares fell 7.2% on Monday.

Jeff Bezos has snatched the title of world's richest businessman from Elon Musk. Elon Musk's net worth is $197.7 billion, while Bezos's net worth is $200.3 billion. This is the first time since 2021 that Amazon.com Inc. Founder Bezos tops Bloomberg's ranking of the richest people.

The wealth gap between 52-year-old Elon Musk and 60-year-old Jeff Bezos was once as high as $142 billion, which has also narrowed due to the growing trend between the shares of Amazon and Tesla. Shares of both the companies are included in the top 7 stocks, which have also influenced the American equity markets. Amazon shares have more than doubled by the end of 2022 and are close to reaching record highs. Tesla is down about 50% from its 2021 peak.

Tesla shares saw a decline on Monday. Shipments from its factory in Shanghai fell to the lowest level in more than a year, according to preliminary data. Meanwhile, Amazon has been at the top in online sales since the beginning of the Corona epidemic.

Elon Musk's wealth could decline further after a Delaware judge voided a $55 billion pay package at Tesla. The decision sided with the investor who challenged Musk's largest compensation plan in history. The options included in the canceled plan are among Musk's biggest assets, along with his stakes in Tesla and SpaceX. Bloomberg Index always includes him in the calculation of his wealth.

A large part of Jeff Bezos's wealth is due to his 9% stake in Amazon. Even after unloading 50 million shares worth about $8.5 billion last month, Amazon remains the largest shareholder in the online retailer. Topping the wealth rankings is nothing new for Jeff Bezos. In 2017 also, he became the richest person in the world by defeating Microsoft Inc. co-founder Bill Gates. But the huge surge in Tesla shares had brought Bezos on par with Musk for most of 2021. Then he lagged far behind Musk and could not achieve the number-1 position again.