Bezos has seen gains of $23 billion over the past year, while Musk faced a loss of nearly $31 billion, partly due to a significant decline in Tesla's stock, which dropped over 7% on Monday.
This shift in wealth follows a period of intense competition among centibillionaires, including Bezos, Musk, and Bernard Arnault, CEO of LVMH, who have been vying for the top spot in recent months.
Musk's fortunes soared when his 2018 pay package, valued at over $50 billion, was reinstated earlier this year, but subsequent declines in Tesla's stock have impacted his overall net worth.
Despite fluctuations in rankings, the world's wealthiest individuals, including Musk and Arnault, continue to amass significant wealth, with the combined net worth of the top five billionaires surging by $869 billion since 2020, according to Oxfam's annual inequality report.