Dogecoin Fan Elon Musk No Longer World's Richest Person

Elon Musk, the entrepreneur known for his affinity for the meme cryptocurrency Dogecoin, has recently been dethroned as the world's richest person, according to Bloomberg data.  

The latest figures indicate that Jeff Bezos, the founder of Amazon, has reclaimed the top spot with a total net worth of $200 billion. 

The changing fortunes of the billionaires' club

The top ten richest individuals globally have seen their fortunes oscillate, with Jeff Bezos at the forefront.

Despite a recent loss of $500 million, he has experienced a substantial year-to-date increase of $23.4 billion. 

Following closely is Elon Musk, despite a significant reduction in net worth, standing at $198 billion. 

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Bernard Arnault of France is nipping at Musk's heels with $197 billion, while Mark Zuckerberg has seen an astounding year-to-date increase, bringing his total net worth to $179 billion. Bill Gates remains a mainstay on the list with a net worth of $150 billion. 

Steve Ballmer, Warren Buffett, Larry Ellison, Larry Page, and Sergey Brin round out the list, each holding fortunes ranging from $143 billion to $116 billion.

Tesla shares dip amid market headwinds

Tesla, the electric vehicle giant that has become synonymous with Elon Musk, has faced a challenging period with its shares dropping more than 7% after reports indicated a slowdown in deliveries from its Shanghai Gigafactory.

The factory, which is a critical hub for Tesla's production, reported its lowest point in deliveries in more than a year. 

This downturn is attributed to the Chinese Lunar New Year celebrations and burgeoning domestic competition from companies like Xpeng and BYD. Despite attempts to bolster sales through price incentives, Tesla's market performance reflects the broader challenges faced by electric vehicle manufacturers in maintaining growth and market share in a highly competitive and price-sensitive market.

The drop in Tesla's shares has further implications for Musk's wealth and raises questions about the company's strategy in China, a vital market for the electric vehicle industry.