Jeff Bezos replaces Elon Musk to reclaim title of world's richest man

Jeff Bezos has dethroned Elon Musk and reclaimed his position as the world's richest man.  

The CEO of Tesla is currently worth $198 billion, but the creator of Amazon is worth $200 billion, according to the Bloomberg Billionaires Index on Tuesday. 

According to the index, Bezos has made $23 billion in gains thus far in 2024, while Musk has lost almost $31 billion.  

The billionaires' gains and losses in wealth were highly correlated with the performance of Amazon and Tesla's stock markets, two companies that have their founders as major owners.  

This year, Amazon's share price has increased by almost 18%, while Tesla's has decreased by 24%.  

Bezos is still the largest shareholder in the massive e-commerce company, with a 9.56 percent interest, despite having sold $8.5 billion worth of Amazon shares earlier this month.  

Musk has an equity stake in Tesla of about 20 percent. 

In January, a judge in the United States struck down a Tesla pay package for Musk valued at up to $55.8bn after finding that the process for approving his remuneration was deeply flawed. 

Musk, who also runs X and SpaceX, rose to the top of the rich list in May after toppling Bernard Arnault, the chairman and CEO of luxury goods company LVMH, who now ranks third with $197bn. 

Bezos, Musk and Arnault have jockeyed for the top spot in recent years in the ranking, which is based on fluctuations in the stock market and other economic data.