In a significant shift, Jeff Bezos, the founder of Amazon, has reclaimed the title of the world's richest person, surpassing Elon Musk, the CEO of Tesla and X (formerly Twitter). The change in rankings was reflected in the latest update of the Bloomberg Billionaires Index, signaling a remarkable turnaround for Bezos.

After more than nine months at the top spot, Elon Musk has ceded his position to Jeff Bezos, marking a resurgence for the Amazon mogul. Bezos, who last held the title in 2021, has once again ascended to the pinnacle of the rich list, with Bernard Arnault trailing behind in third place.

Bezos's return to the top spot is attributed to Amazon's soaring stock performance, despite his reduced involvement in the company's day-to-day operations. With Amazon's shares witnessing a 17 percent surge since the beginning of the year and a remarkable 90 percent increase over the past year, Bezos has reaped substantial gains.

Although Bezos sold shares worth $8.5 billion, he remains the largest single shareholder of Amazon, further solidifying his financial standing. His net worth now stands at a staggering $200 billion, edging past Elon Musk, whose wealth amounts to $198 billion.

The decline in Tesla's stock price, which fell by 7.2 percent on Monday, contributed to Musk's slip in the rankings. As a result, Musk's total wealth dipped to $197.7 billion, while Bezos's surged to $200.3 billion, securing his position at the top.

Adding to Elon Musk's woes, a court ruling in January invalidated his lucrative remuneration agreement with Tesla, valued at $55.8 billion. The setback dealt a blow to Musk's financial portfolio, underscoring the volatility of his wealth.

Meanwhile, Bernard Arnault, the CEO of the LVMH group, maintains his position as the third-richest person on the Bloomberg Billionaires Index, with a wealth of $197 billion. Mark Zuckerberg and Bill Gates occupy the fourth and fifth spots, respectively, with fortunes of $179 billion and $150 billion.

Notably, India's Mukesh Ambani and Gautam Adani rank 11th and 12th on the list, with respective wealths of $115 billion and $104 billion, highlighting the global diversity of wealth distribution among the world's richest individuals.