American businessman and chairman of Amazon, Jeff Bezos, has once again dethroned Tesla founder Elon Musk as the world's richest man, CNN reported.
As per the Bloomberg Billionaires Index, Bezos had a net worth of $200 billion, while Musk came in second with $198 billion after Tesla shares fell by 7% and Bezos gained $23 billion.
Based on how the markets perform, the title of the richest person on earth changes every few months.
According to Oxfam's annual inequality report, since 2020, the combined net worth of the world's five richest people has increased by 114%, or $869 billion, after accounting for inflation.
Since late 2022, Amazon's stock has more than quadrupled and is getting close to reaching a record high. Tesla has dropped almost 50% from its high in 2021.
Bezos's 9% ownership in Amazon stakes for the bulk of his wealth. Even after selling 50 million shares for almost $8.5 billion last month, he remains the largest stakeholder in the online store.
Musk has lost about $31 billion over the past year.
Earlier this year, a Delaware state court judge threw out Musk’s 2018 pay package — worth more than $50 billion — that helped to make him one of the richest people in the world.
Sanctions follow Trump's reinstatement of his "maximum pressure" policy against Iran
Humanitarian organisations have hit roadblocks in getting paid for emergency food operations
Return of Indians gives chance to country's opposition to hit back at the govt of Modi
Claim has been denied by Panama Canal Authority that vessels would be able to cross without paying fees
This comes despite expectations that cooler La Nina conditions might quell streak of record-breaking global temperatures
Rally organised alongside a broader call, dubbed "Bulldozer Procession", to disrupt Hasina's online address