Jeff Bezos regains the title of the wealthiest person on earth, surpassing Elon Musk

Jeff Bezos is once again the richest person on earth, overtaking Elon Musk, as reported by the Bloomberg Billionaires Index on Monday. Bezos, the founder of Amazon, has a net worth of $200 billion, while Musk is close behind at $198 billion. Over the past year, Musk's net worth has decreased by about $31 billion, while Bezos has seen an increase of $23 billion, according to the index.

Tesla shares took a dive of over 7% on Monday.

In May 2023, Musk regained the title of the world's richest person, surpassing LVMH CEO Bernard Arnault. Arnault oversees a massive conglomerate that includes renowned brands like Louis Vuitton, Dior, and Celine. The trio of centibillionaires - Musk, Arnault, and Bezos - have been vying for the top position for months. Arnault had previously held the title as his wealth grew from a surge in luxury goods sales, boosting LVMH's stock value.

Earlier this year, a Delaware state court judge invalidated Musk's 2018 pay package, valued at over $50 billion, which had contributed to his status as one of the wealthiest individuals globally. As a result, Tesla shares fell by approximately 24% year-to-date.

The title of the world's richest person changes frequently based on market performance. Despite this, Musk and Arnault continue to possess significant wealth. In fact, since 2020, the combined net worth of the five richest individuals globally has surged by 114% to a total of $869 billion, after adjusting for inflation, as reported in Oxfam's annual inequality study.

• CNN’s Michelle Toh, Tami Luhby and Chris Isidore contributed to this report.

Editor's P/S:

The constant flux of the world's richest individuals, as highlighted in this article, underscores the volatile nature of wealth accumulation in the modern economy. The rise and fall of fortunes, often tied to the performance of individual companies or sectors, serves as a reminder that financial success is often fleeting.

Despite the fluctuations, the staggering wealth of those at the top of the economic ladder remains a stark contrast to the financial struggles faced by many individuals worldwide. The report from Oxfam, which reveals a 114% increase in the combined net worth of the five richest people since 2020, illustrates the growing disparity between the ultra-wealthy and the rest of society. This trend raises important questions about economic inequality and the need for policies that promote a more equitable distribution of wealth.