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Did Elon Musk lose his title as world's richest person to Jeff Bezos? Find out
Elon Musk's reign as the world's richest person has come to an end. Jeff Bezos has claimed the throne of world's richest person. Explore the factors behind this seismic shift in global wealth.
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Bezos overtakes Musk as the world's richest person, marking a significant shift in wealth dynamics
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Musk's nine-month reign ends as he falls to second place on the Bloomberg Billionaire Index
The race for the title of the world's richest person has shifted dramatically. Jeff Bezos, the man behind Amazon, has now outperformed Elon Musk, the face of Tesla and SpaceX as per Bloomberg. Musk's nine-month reign atop the Bloomberg Billionaire Index has come to an end due to a drop in Tesla's stock value.
This change shows how fortunes can shift quickly in the global wealth landscape. Bezos now leads the pack with over USD 200 billion in wealth, while Musk faces challenges with Tesla's performance and legal issues.
Musk slips to second position
Elon Musk's net worth fell after Tesla shares fell by about 7.2 percent on Monday, dropping him to second place on the Bloomberg Billionaire Index. His current net worth is USD 197.7 billion, while Jeff Bezos leads the pack with a fortune of USD 200.3 billion.
While Tesla shares fell, Amazon's stock has steadily risen, reducing the wealth gap between Musk and Bezos. The two tycoons' net worths were once separated by USD 142 billion. Amazon's stock has doubled since 2022, in contrast to Tesla's nearly 50% drop since its peak in 2021.
Factors contributing to Musk's loss
Tesla shares fell sharply on Monday, exacerbated by preliminary data indicating a significant decrease in shipments from the company's Shanghai factory, the lowest level in more than a year. Meanwhile, Amazon's online sales have increased, contributing to Bezos' rise in wealth. 
Following a legal setback, Elon Musk's net worth is expected to decline even further. A Delaware judge ruled against Musk's USD 55 billion pay package at Tesla, siding with an investor who challenged his compensation plan.
This decision, which nullified one of Musk's most valuable assets, along with his stakes in Tesla and SpaceX, may contribute to a further loss of wealth.
Jeff Bezos' reclaiming of the title of world's richest person represents a significant shift in the wealth landscape. While Elon Musk faces challenges from declining Tesla shares and legal setbacks, Bezos' fortune grows with Amazon's success. The previously vast gap between the two billionaires has now closed, propelling Bezos to the top of the global wealth rankings.
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