Elon Musk loses world’s richest person title after 3 years

The owner of Tesla Motors Elon Musk, SpaceX, and Twitter has seen his position as the world’s richest person seized by someone else.

Elon Musk has lost his position as the world’s richest person.

According to the most recent Bloomberg Billionaires Index update, the owner of Tesla Motors, SpaceX, and Twitter has lost $17.6 billion in net worth.

The list, published on March 5, 2024, provides a periodic update on who the world’s richest people are.

Musk had been at the top of the list since 2021, but his net worth has dropped in the most recent edition.

In January, a judge determined that he must return the highest corporate compensation in history, $55 billion.

The ruling came after Musk was accused of attempting to use his influence over Tesla directors.

So, who has replaced Musk at the top?

Unsurprisingly, Amazon founder and Executive Chairman Jeff Bezos has already held the position.

The 60-year-old also lost almost $500 million on his portfolio, but the dip in Musk’s holdings propelled him over the SpaceX CEO.

Jeff Bezos is currently worth $200 billion, whereas Musk is worth $198 billion.

Amazon’s stock has also increased by nearly 89 percent since this time last year, with Bezos controlling approximately nine percent of the shares.

Bezos has also lately sold $4 billion in shares and moved away from Amazon.

Instead, the billionaire is focusing on his Blue Origin space projects.

Bezos previously deposed Microsoft co-founder Bill Gates in 2017, before being replaced by Musk in 2021 and now returning to the top spot.