“Elon Musk’s Net Worth Drops by $40 Billion in 2024’s Largest Decline Among Top 10 Wealthiest Individuals”
Renowned tech billionaire Elon Musk has faced a significant setback in 2024, with his net worth plummeting by a staggering $40 billion – marking the most substantial drop among the top 10 richest individuals globally.
Renowned tech billionaire Elon Musk has faced a significant setback in 2024, with his net worth plummeting by a staggering $40 billion – marking the most substantial drop among the top 10 richest individuals globally.
Once hailed as the world’s wealthiest individual, Musk now finds himself in the third position, with a net worth of $189 billion, as per the latest data from the Bloomberg Billionaire Index released on Saturday.
Topping the list is Bernard Arnault, the chairman and CEO of Louis Vuitton, with a net worth of $201 billion. Arnault’s ascent to the top spot comes after a series of fluctuations, replacing Amazon founder Jeff Bezos, who currently holds the second position with a net worth of $198 billion.
Musk’s wealth is predominantly tied to his 21% stake in Tesla, the electric car manufacturer he co-founded. However, the declining share prices of Tesla have significantly impacted his net worth, with the company shedding over 29% of its value since the beginning of the year.
Tesla’s woes further escalated following disappointing sales figures in China and production disruptions at its factory near Berlin due to an act of sabotage. Consequently, Tesla’s share prices have plummeted by approximately 50% from their peak in 2021, adding to Musk’s financial woes.
Moreover, Musk faced another setback with a court order striking down his $55 billion pay package at Tesla, further exacerbating his financial challenges.
In addition to his ventures in the automotive industry, Musk also owns the microblogging platform X. Despite his significant loss in wealth, Musk still commands a formidable position among the world’s richest individuals, closely followed by Facebook founder Mark Zuckerberg, whose net worth stands at $182 billion.
Meanwhile, among Indian billionaires, Gautam Adani of the Adani Group has reported notable gains, with his net worth surging by 18.2% during this period. Adani occupies the 13th spot on the rich list, boasting a net worth of $103 billion, according to the Bloomberg Billionaire Index.
Sources By Agencies
About The Author
