GUWAHATI: In a recent update from the Bloomberg Billionaires Index, Jeff Bezos has once again claimed the title of the richest person on earth, surpassing Elon Musk.
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According to reports, the Amazon founder's net worth stands at an impressive $200 billion, while Musk closely follows with $198 billion. Over the past year, Musk has experienced a decline of approximately $31 billion, whereas Bezos has seen a gain of $23 billion, according to the index.
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The fluctuation in rankings occurred after Tesla shares faced a significant drop of over 7% on Monday.
Musk had previously reclaimed the title of the world's richest person in May 2023, surpassing LVMH CEO Bernard Arnault. Arnault, who oversees a conglomerate featuring iconic brands like Louis Vuitton, Dior, and Celine, had been in the race for the top spot along with Musk and Bezos.
As per reports, Arnault's wealth had surged due to a boom in luxury goods sales, contributing to the rise in LVMH's stock price.
Notably, the competition for the title among the three centibillionaires—Musk, Arnault, and Bezos—has been ongoing for months.
Earlier this year, a Delaware state court judge nullified Musk's 2018 pay package, valued at over $50 billion, which had played a role in elevating him to one of the wealthiest individuals globally.
Tesla shares have also experienced a decline of about 24% year-to-date.
The title of the world's richest person tends to change hands every few months, depending on market performance.
Despite these shifts, Musk and Arnault continue to hold substantial wealth.
According to Oxfam's annual inequality report, since 2020, the combined net worth of the five wealthiest people on earth has surged by 114%, totaling $869 billion after adjusting for inflation.