Amazon's Jeff Bezos overtakes Elon Musk as world's richest person

• Tesla CEO Elon Musk loses the title of the world's richest person to Amazon founder and former CEO Jeff Bezos
• Jeff Bezos' net worth surpasses Elon Musk's for the first time since 2021
• Amazon's consistent stock growth and Tesla's declining shares contribute to the narrowing gap in net worth between Musk and Bezos

In a significant turn of events, Tesla CEO Elon Musk has been dethroned as the world's richest person, losing the top spot to Amazon founder and former CEO Jeff Bezos. This marks the first time in nine months that Musk has slipped to the second position on the Bloomberg Billionaire Index. The change in rankings came as Tesla shares experienced a sharp decline of around 7.2 percent on Monday, causing Musk's net worth to plummet to $197.7 billion while Jeff Bezos' fortune rose to $200.3 billion.

The shift in wealth dominance signifies a remarkable turnaround for Bezos, who has now topped the list of the richest persons in the world for the first time since 2021. Despite both Tesla and Amazon being part of the Magnificent Seven stocks in the US, Amazon's shares have been on an upward trajectory, doubling since 2022, while Tesla shares have plummeted nearly 50 percent since its peak in 2021. The gap in net worth between Musk and Bezos, which was once as wide as $142 billion, has now been significantly narrowed, with Amazon's consistent growth playing a pivotal role.