Elon Musk, CEO of Tesla Inc., has experienced a huge loss in his fortune. His fortune has fallen by about $40 billion since the beginning of 2024.
According to Bloomberg’s Billionaires Index, Musk’s net worth was significantly reduced as a result of Tesla’s plummeting stock price. Musk’s wealth is currently estimated to be $189 billion, putting him third after French business magnate Bernard Arnault and Amazon.com Inc. founder Jeff Bezos.
Musk’s fortune has decreased due to Tesla’s share price, which fell by roughly 29% in 2024. Investors are allegedly concerned about slow sales in China and increased competition from domestic electric vehicle (EV) producers such as BYD Co. Ltd.
Other factors contributing to Musk’s financial setback include a $55 billion pay deal rejected by a Delaware court and problems with his social network X, formerly known as Twitter. Since Musk took over in late 2022, the site has had a loss of advertisers, a lack of revenue, and legal issues stemming from layoffs and landlord charges of overdue rent.
The reduction in Musk’s fortune reflects the issues that Tesla faces in the worldwide market. Investors are concerned about the company’s falling sales in China, a key EV market, as well as increased competition from local manufacturers. The legal and financial issues surrounding Musk’s social media platform add to the uncertainties surrounding his business activities. This series of events has resulted in a major loss of Musk’s wealth, with ramifications for his position among the world’s wealthiest people.