Elon Musk Drops to Third Richest Person in the World, With Net Worth of $189 Billion: Bloomberg Billionaire Index.
Tech billionaire Elon Musk has experienced a significant decline in his net worth this year, with a reported loss of $40 billion, marking the steepest fall among the top 10 richest individuals during this period. Once holding the title of the world’s richest man, Musk now occupies the third spot on the Bloomberg Billionaire Index with a net worth of $189 billion.
Currently, Louis Vuitton’s Bernard Arnault leads the list with a net worth of $201 billion, followed by Amazon founder Jeff Bezos with $198 billion. Bezos briefly overtook Musk as the richest man earlier this week before being replaced by Arnault.
Musk’s wealth is primarily derived from his 21% stake in Tesla, which has been impacted by the declining share prices of the company. Tesla’s stock has plummeted over 29% this year, with recent setbacks including disappointing sales in China and a halt in production at its Berlin factory due to an act of sabotage. Additionally, Tesla’s stock is down approximately 50% from its peak in 2021.
Furthermore, Musk has faced legal challenges, including a court order striking down his $55 billion pay package at Tesla. These setbacks have contributed to the significant decline in his net worth over the past year.
Elon Musk, the owner of microblogging platform X, currently trails behind Facebook founder Mark Zuckerberg in terms of net worth. Musk’s net value is pegged at $189 billion, while Zuckerberg’s net worth is estimated at $182 billion.
Interestingly, Zuckerberg has reported the highest gains in his net worth this year, with an impressive increase of 53%. This surge in Zuckerberg’s wealth underscores the significant growth and success experienced by Facebook and its associated ventures.
Gautam Adani, the founder of Adani Group, has reported the highest gains among Indian billionaires during this period, with an impressive increase of 18.2% in his net worth. Adani currently occupies the 13th spot on the Bloomberg Billionaire Index, with a net worth of $103 billion. His remarkable rise in wealth underscores the success and growth of the Adani Group, one of India’s leading conglomerates.