Amazon’s Jeff Bezos retains title as world’s richest man, dethrones Elon Musk

Jeff Bezos, the founder of Amazon, has regained his title as the world’s wealthiest individual after surpassing Elon Musk on the Bloomberg Billionaires Index on Monday, March 4.

According to the tracker, Bezos’ net worth now stands at $200 billion, edging out Tesla’s CEO, whose wealth is valued at $198 billion.

Musk, who also leads X (formerly Twitter) and SpaceX, has witnessed a decline in his fortunes by over $30 billion, mainly due to a 25 percent drop in Tesla’s stock price in recent months.

Further complicating matters for Musk, a court in January approved the cancellation of his substantial Tesla compensation agreement, initially valued at $55.8 billion and agreed upon in 2018.

Despite no longer being actively involved in Amazon’s operations, Bezos has profited from the soaring stock prices of the e-commerce behemoth. Even after divesting $8.5 billion in stocks recently, he remains the largest shareholder of the company.

Bernard Arnault, the CEO of the luxury conglomerate LVMH, retains his position as the third wealthiest individual globally, with a net worth of $197 billion.