Jeff Bezos was surpassed by Indian business mogul and billionaire Gautam Adani to take second place in the world's wealth rankings.
With $260 billion in his bank account, Elon Musk continues to be the richest person in the world even as Adani rises up the Bloomberg Billionaires Index rankings.
After beginning the year at position 14, Adani has climbed to position 2 in less than ten months.
Adani's net worth increased to $146.9 billion, with most of it invested in the assets of his conglomerate, the Adani Group.
Shares of some Adani companies have increased by more than 1,000% since June 2020 thanks to their strong positions in sectors including renewable energy and infrastructure. In 2022, Adani Enterprises' stock has increased by more than 115%.
Adani replaced Mukesh Ambani of India as the richest person in Asia in February. Later, he passed Bill Gates and France's Bernard Arnault in terms of wealth and became a billionaire in April.
Bloomberg reports that Bezos's net worth decreased to $145.8 billion as a result of the tech stocks taking a beating amid a larger equity selloff. Early trading saw a 3% decline in Amazon shares, dropping more than 25% in 2022.
Prior to his 2019 divorce, Bezos held the top spot on the list, but his net worth suffered. A large portion of his fortune is invested in Amazon stock. The tech selloff has reduced Bezos' net wealth by $45 billion since January.