Elon Musk no longer the richest man on planet

Amazon's Jeff Bezos has overtaken Elon Musk as the richest person in the world after the fall of Tesla shares, Ukrainian News Agency reports with reference to the Bloomberg Billionaires Index.

Musk lost his spot at the top of the Bloomberg Billionaires Index to Jeff Bezos after Tesla shares fell 7.2%. Currently, Musk's fortune is USD 197.7 billion, and Bezos's - USD 200.3 billion.

This is the first time Bezos has topped the Bloomberg ranking since 2021.

The wealth gap between Musk, 52, and Bezos, once worth USD 142 billion, is narrowing as shares of Tesla and Amazon move in opposite directions. Although both companies are among the so-called "Magnificent Seven" stocks, Amazon's stock has more than doubled since late 2022. Tesla is down about 50 percent from its 2021 peak.

One of the reasons for the decrease in the price of Tesla shares was the attempt by Musk, who is the executive director of the company, to write himself a USD 55 billion salary. This decision was canceled by the court.

For Bezos, being at the top of the wealth ranking is already commonplace. In 2017, he overtook Microsoft co-founder Bill Gates as the richest person in the world for the first time. Since then, he has repeatedly lost this title and returned to the first place of the rating.

The third place in the top of the richest people in the world is occupied by 74-year-old Bernard Arnault, the chairman of the board of LVMH Moet Hennessy Louis Vuitton, the world's largest manufacturer of luxury goods. His fortune is estimated at USD 197.5 billion.