<p><em>By Tom Maloney and Annie Massa</em></p><p>For the first time in more than nine months, <a href="https://www.deccanherald.com/tags/elon-musk">Elon Musk</a> is no longer the world’s richest person.</p><p>Musk lost his position atop the Bloomberg Billionaires Index to <a href="https://www.deccanherald.com/tags/jeff-bezos">Jeff Bezos</a> after shares in Tesla Inc. tumbled 7.2 per cent on Monday. Musk now has a net worth of $197.7 billion; Bezos’ fortune is $200.3 billion. </p><p>It’s the first time that Bezos, 60, the founder of Amazon.com Inc., has topped Bloomberg’s ranking of the richest people since 2021.</p><p>The wealth gap between Musk, 52, and Bezos, which at one point was as wide as $142 billion, has been shrinking as Amazon and Tesla shares move in opposite directions. While both are among the so-called Magnificent Seven stocks that have propelled US equity markets, Amazon shares have more than doubled since late 2022 and are within striking distance of a record high. Tesla is down about 50 per cent from its 2021 peak.</p>.Former Twitter executives including Parag Agrawal sue Elon Musk for over $128 million in severance.<p><a href="https://www.deccanherald.com/tags/tesla">Tesla </a>shares fell on Monday after preliminary data showed shipments from its factory in Shanghai slumped to the lowest in more than a year. Amazon, meanwhile, is coming off its best online sales growth since early in the pandemic. </p><p><strong>Pay Package</strong></p><p>Musk’s wealth could take a further hit after a Delaware judge struck down his $55 billion pay package at Tesla, where he’s chief executive. The decision took the side of an investor who’d challenged Musk’s compensation plan, which had been the largest in history. </p><p>Options that were included in the voided plan are one of Musk’s largest assets, alongside his stakes in Tesla and <a href="https://www.deccanherald.com/tags/spacex">SpaceX</a>. The Bloomberg index continues to include them in its calculations of his wealth.</p><p>The vast majority of Bezos’s fortune comes from his 9 per cent stake in <a href="https://www.deccanherald.com/tags/amazon">Amazon</a>. He’s the online retailer’s largest shareholder, even after unloading 50 million shares worth about $8.5 billion last month.</p><p>For Bezos, being atop the wealth rankings is a familiar perch. He first overtook Microsoft Inc. co-founder <a href="https://www.deccanherald.com/tags/bill-gates">Bill Gates</a> as the world’s richest person in 2017. </p><p>But a massive rally in Tesla shares left Bezos jockeying with Musk for much of 2021 for the top spot. Late that year he fell way behind, and didn’t regain the No. 1 position until now.</p><p>Bernard Arnault, 74, the chairman of <a href="https://www.deccanherald.com/tags/lvmh">LVMH </a>Moet Hennessy Louis Vuitton, the world’s largest luxury-goods maker, also ranks among the world’s wealthiest with a net worth of $197.5 billion. </p>
<p><em>By Tom Maloney and Annie Massa</em></p><p>For the first time in more than nine months, <a href="https://www.deccanherald.com/tags/elon-musk">Elon Musk</a> is no longer the world’s richest person.</p><p>Musk lost his position atop the Bloomberg Billionaires Index to <a href="https://www.deccanherald.com/tags/jeff-bezos">Jeff Bezos</a> after shares in Tesla Inc. tumbled 7.2 per cent on Monday. Musk now has a net worth of $197.7 billion; Bezos’ fortune is $200.3 billion. </p><p>It’s the first time that Bezos, 60, the founder of Amazon.com Inc., has topped Bloomberg’s ranking of the richest people since 2021.</p><p>The wealth gap between Musk, 52, and Bezos, which at one point was as wide as $142 billion, has been shrinking as Amazon and Tesla shares move in opposite directions. While both are among the so-called Magnificent Seven stocks that have propelled US equity markets, Amazon shares have more than doubled since late 2022 and are within striking distance of a record high. Tesla is down about 50 per cent from its 2021 peak.</p>.Former Twitter executives including Parag Agrawal sue Elon Musk for over $128 million in severance.<p><a href="https://www.deccanherald.com/tags/tesla">Tesla </a>shares fell on Monday after preliminary data showed shipments from its factory in Shanghai slumped to the lowest in more than a year. Amazon, meanwhile, is coming off its best online sales growth since early in the pandemic. </p><p><strong>Pay Package</strong></p><p>Musk’s wealth could take a further hit after a Delaware judge struck down his $55 billion pay package at Tesla, where he’s chief executive. The decision took the side of an investor who’d challenged Musk’s compensation plan, which had been the largest in history. </p><p>Options that were included in the voided plan are one of Musk’s largest assets, alongside his stakes in Tesla and <a href="https://www.deccanherald.com/tags/spacex">SpaceX</a>. The Bloomberg index continues to include them in its calculations of his wealth.</p><p>The vast majority of Bezos’s fortune comes from his 9 per cent stake in <a href="https://www.deccanherald.com/tags/amazon">Amazon</a>. He’s the online retailer’s largest shareholder, even after unloading 50 million shares worth about $8.5 billion last month.</p><p>For Bezos, being atop the wealth rankings is a familiar perch. He first overtook Microsoft Inc. co-founder <a href="https://www.deccanherald.com/tags/bill-gates">Bill Gates</a> as the world’s richest person in 2017. </p><p>But a massive rally in Tesla shares left Bezos jockeying with Musk for much of 2021 for the top spot. Late that year he fell way behind, and didn’t regain the No. 1 position until now.</p><p>Bernard Arnault, 74, the chairman of <a href="https://www.deccanherald.com/tags/lvmh">LVMH </a>Moet Hennessy Louis Vuitton, the world’s largest luxury-goods maker, also ranks among the world’s wealthiest with a net worth of $197.5 billion. </p>