Jeff Bezos has dropped to third place in the race for riches.
The Amazon founder is now the world’s third-richest person, after Indian business tycoon Gautam Adani leapfrogged Bezos in the latest Bloomberg’s Billionaire Index.
Adani has amassed an estimated $146.8 billion fortune that only trails Elon Musk’s $263.9 billion, according to Bloomberg News.
It’s the first time a person from Asia has ranked so highly on the Bloomberg’s list, which has long been dominated by white billionaires.
Bezos trails Adani by just $19 million. Shares of e-commerce goliath Amazon are down 26% this year.
Meanwhile, shares of Adani Enterprises Ltd. have surged the past week, and some of his group of companies climbed more than 1,000% since 2020, according to reports.
Adani’s rise to No. 2 coincides with a tech selloff that has chopped more than $45 billion from Bezos’s fortune since January. Bezos — once the world’s richest person — also saw his net worth significantly drop after his 2019 divorce from ex-wife MacKenzie Scott, who received 4% of Amazon.