He put Musk on a pedestal: Bezos topped the ranking of the richest people for the first time since 2021

For the first time in more than nine months, Elon Musk is no longer the richest man in the world. Musk lost his place in the Bloomberg Billionaires Index to Jeff Bezos after Tesla Inc. shares fell 7.2% on Monday, UNN reports citing Bloomberg.

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Musk is currently worth $197.7 billion; Bezos is worth $200.3 billion.

For the first time since 2021, 60-year-old Bezos, the founder of Amazon.com Inc. has topped the Bloomberg ranking of the richest people.

The wealth gap between Musk, 52, and Bezos, which at one point reached $142 billion, is narrowing as Amazon and Tesla stocks move in opposite directions. Although both are part of the so-called "Magnificent Seven" that have driven US stock markets, Amazon's stock has more than doubled since late 2022 and is in close proximity to a record high. Tesla is down about 50% from its 2021 peak.

Tesla shares fell on Monday after preliminary data showed that shipments from its Shanghai factory fell to their lowest level in more than a year. Meanwhile, Amazon is showing the best growth in online sales since the start of the pandemic.

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