Elon Musk loses $40 billion in 2024. Renowned entrepreneur Elon Musk, the visionary behind Tesla and SpaceX, has seen a staggering $40 billion erosion in his net worth during the year 2024, marking a pivotal descent on the world’s elite rich list.
Once lauded as the globe’s wealthiest individual, Musk now finds himself occupying the third spot with a reported net worth of $189 billion, according to the latest figures from the esteemed Bloomberg Billionaire Index released on Saturday.
Topping the list is Bernard Arnault, the influential figure at the helm of luxury conglomerate LVMH Moët Hennessy – Louis Vuitton SE, whose fortunes have soared to an impressive $201 billion.
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Following closely behind is Jeff Bezos, the pioneering founder of e-commerce titan Amazon, with a commanding net worth of $198 billion, securing second place.
Musk’s fortune, intricately tied to his 21% stake in Tesla, has been subject to profound turbulence owing to a sharp decline in the electric car company’s share value.
Tesla shares plummeted by a significant 29%, fueled by disappointing sales figures in China and operational disruptions, notably the suspension of production activities at its Berlin facility due to acts of sabotage.
Compounding Musk’s financial woes, a legal ruling nullifying his $55 billion compensation package at Tesla delivered yet another blow to his wealth portfolio.
As Elon Musk loses $40 billion in 2024, these recent developments have reshuffled the upper echelons of the global wealth hierarchy, underscoring the formidable challenges faced by Musk amid a landscape characterized by volatile market conditions and regulatory scrutiny.
