Elon Musk, once the world’s richest man, now ranks third with a net worth of $189 billion, the Bloomberg Billionaires Index showed on Saturday.
Image From : Getty Image
Elon Musk’s Wealth Plunge: A $40 Billion Setback in 2024
Introduction:
Tech magnate Elon Musk, once the world’s wealthiest individual, has encountered a substantial downturn in his financial standing, witnessing a staggering $40 billion reduction in his net worth within the current year. This marks the most significant decline among the top 10 richest individuals globally during this period. As of the latest data from the Bloomberg Billionaire Index on Saturday, Musk now holds the third position with a net worth of $189 billion.
Changing Fortunes:
Louis Vuitton’s Bernard Arnault currently holds the top spot, boasting a net worth of $201 billion, surpassing Amazon founder Jeff Bezos, who stands at $198 billion. Bezos briefly overtook Musk earlier this week but was subsequently displaced by Arnault’s ascent to the pinnacle.
Tesla’s Impact on Musk’s Wealth:
Musk’s substantial wealth is closely tied to his 21% stake in Tesla, a significant contributor to his financial portfolio. However, the plummeting share prices of Tesla have exerted downward pressure on Musk’s net worth, with the electric car manufacturer witnessing a decline of over 29% in its net value this year.
Tesla’s Challenges:
Recent challenges for Tesla include disappointing sales in China and a production halt at its Berlin factory due to sabotage. These incidents have further contributed to the decline in Tesla’s share prices, which are now down approximately 50% from their peak in 2021.
Legal Setback:
Adding to Musk’s recent setbacks is a court order that struck down his $55 billion pay package at Tesla. This legal blow adds another layer of complexity to Musk’s financial landscape.
Diverse Holdings:
In addition to his ventures in Tesla, Musk also owns the microblogging platform X. However, despite his diverse holdings, Musk’s overall wealth has been significantly impacted by Tesla’s recent challenges.
Rivals in the Wealth Race:
Following Musk closely in the wealth race is Facebook founder Mark Zuckerberg, whose net worth is valued at $182 billion. Remarkably, Zuckerberg has reported the highest gains in net value among the top contenders, boasting a notable 53% increase in his wealth throughout the year.
Conclusion:
Elon Musk’s financial trajectory, once soaring as the world’s richest, has encountered substantial turbulence in 2024. With Tesla’s challenges and legal setbacks, Musk faces a formidable journey to reclaim his former financial zenith.
