Elon Musk has knocked Jeff Bezos off the top of a closely watched annual list of the richest Americans for the first time in four years.

The Tesla and SpaceX boss, who is locked in a legal battle with Twitter over his soured $44 billion takeover bid, led the Forbes 400 as the wealthiest billionaires in the United States were hit by stock market turbulence.

Musk’s fortune rose by $60.5 billion to $251 billion in the year to September, boosted by Tesla’s higher share price and another private fundraising for SpaceX.

Bezos, the executive chairman of Amazon, saw his fortune decline by $50 billion to $151 billion.

The top five also included Bill Gates, the Microsoft co-founder, Larry Ellison, the Oracle co-founder