Elon Musk has stepped down as the world's wealthiest individual after a 7.2% decline in Tesla's stock on March 4.
According to the Bloomberg Billionaires Index, Musk’s net worth now stands at 197.7 billion dollars, allowing Jeff Bezos, Amazon's founder, to reclaim the top position with a fortune of 200.3 billion dollars.
This marks Bezos' first return to the top of Bloomberg's ranking since 2021 and the wealth gap between the two tech leaders has notably shrunk. Amazon's shares have more than doubled since late 2022, approaching record highs, while Tesla's stock has fallen by approximately 50% from its 2021 peak.
In May 2023, Elon Musk reclaimed the title of the world's wealthiest individual, surpassing LVMH CEO Bernard Arnault. Arnault, overseeing renowned brands like Louis Vuitton and Dior, had enjoyed the top position thanks to a surge in luxury goods sales, propelling LVMH's stock. The trio of centibillionaires—Musk, Arnault, and Bezos—remained locked in a fierce competition for supremacy for months.