Elon Musk, the former world’s richest person, has been surpassed by Jeff Bezos, the founder and former CEO of Amazon. Musk’s fall from the top spot on the Bloomberg Billionaires Index occurred after Tesla Inc. shares plummeted by 7.2% on Monday. Now, Musk holds a net worth of $197.7 billion, while Bezos’s fortune stands at $200.3 billion.

This marks Bezos’s return to the pinnacle of wealth rankings since 2021. The gap between Musk, 52, and Bezos, 60, had once reached $142 billion but has been narrowing as Amazon and Tesla stocks have moved in opposite directions. While both companies are among the so-called “Magnificent Seven” stocks driving US equity markets, Amazon shares have soared by more than 100% since late 2022, nearing a record high, while Tesla’s shares have plunged by about 50% from their peak in 2021.

The decline in Tesla shares on Monday followed preliminary data showing a decrease in shipments from its Shanghai factory to the lowest level in over a year. Conversely, Amazon reported its strongest online sales growth since the early stages of the pandemic.

Musk’s financial woes may worsen as a Delaware judge invalidated his $55 billion pay package at Tesla, siding with an investor who challenged the compensation plan. This setback, along with the decline in Tesla shares, is expected to further diminish Musk’s wealth. On the other hand, Bezos primarily derives his fortune from his 9% stake in Amazon, even after selling off 50 million shares worth approximately $8.5 billion last month.

Bezos initially claimed the title of the world’s richest person in 2017 when he surpassed Microsoft co-founder Bill Gates. He regained the top spot in 2021 as Amazon’s stock soared while Tesla’s fortunes faltered.