In a significant development, Jeff Bezos, the founder of Amazon, has once again emerged as the wealthiest individual globally, surpassing Elon Musk. According to the latest data from the Bloomberg Billionaires Index, Bezos now commands a staggering net worth of USD 200 billion, while Musk’s fortune has dipped to USD 198 billion.

This shift in rankings follows a notable decline in Tesla’s stock, which experienced a sharp drop of 7.16 per cent in the US market on Monday. Bezos’s resurgence marks the first time since 2021 that he has reclaimed the top spot on Bloomberg’s list of the richest individuals.

Wealth Disparity Narrows

The wealth gap between Musk, aged 52, and Bezos, aged 60, which was once as vast as USD 142 billion, has been steadily narrowing due to the divergent trajectories of Amazon and Tesla stocks.

Over the past six months, Tesla’s shares have witnessed a decline of over 26 per cent, while Amazon’s stocks have surged by more than 29 per cent. Monday’s decline in Tesla’s shares was attributed to preliminary data indicating a downturn in shipments from its Shanghai factory.

Amazon’s Strong Performance

In contrast, Amazon has experienced robust growth in online sales, marking its strongest performance since the early stages of the pandemic.

Global Wealth Rankings

In June 2023, Musk surpassed Bernard Arnault, the chairman of LVMH Moet Hennessy Louis Vuitton, to become the world’s richest person. Arnault currently occupies the third position on the Bloomberg Billionaires Index.

Following Arnault are Meta CEO Mark Zuckerberg and Microsoft co-founder Bill Gates. Additionally, Mukesh Ambani, the Chairman of Reliance Industries, and Gautam Adani, the Chairman of Adani Group, represent India on the list of the wealthiest individuals.

Bezos’s resurgence underscores the shifting dynamics of Tesla and Amazon in the stock market. This significant change in global wealth rankings highlights the continued prominence of key figures in the business world.

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