Jeff Bezos overtakes Elon Musk as world’s richest man

Elon Musk is second at $198 billion, followed by luxury fashion group LVMH chairman Bernard Arnault, according to the latest data on Tuesday.

This is the first time Bezos has ranked top since 2021. Musk at times exceeded Bezos in net worth by $142 billion, but the gap has been narrowed down to $2 billion.

Tesla shares dropped more than 7% Monday, reducing Musk’s net worth by $17.6 billion. He has lost $31 billion since the beginning of the year.

Bezos’s decline was much lower, at $500 million. He has gained $23.4 billion more in the year-to-date as Amazon shares have doubled in value since 2022 and is aiming for a new historic peak.

Arnault, who was the world’s richest man before Musk took over in May 2023, now has a net worth of $1 billion less than Musk’s. He has gained $18.3 billion since the beginning of the year.