 "How Elon Musk lost $40 billion of his fortune in three months this year")
Elon Musk is no longer the world’s richest man.
The tech billionaire lost his lead on the Bloomberg Billionaires Index once again, to Bernard Arnault after he lost $40 billion (~Rs 4000 crore) of his net worth this year.
His decline from the top 10 rich list over this time span has also been the most rapid on record.
Here’s why.
Elon Musk loses his top spot
With a net worth of $189 billion, the 52-year-old currently holds the third position, according to the Bloomberg Billionaire Index on Saturday.
At the top right now, with a $201 billion net worth, is Bernard Arnault of Louis Vuitton.
Amazon founder Jeff Bezos is behind him with $198 billion. Earlier this week, Bezos notably surpassed Musk to become the richest man; however, Arnault eventually took his spot.
Falling share prices of Tesla
According to Business Insider, the reason for Musk’s declining fortune is the share price of Tesla, which has dropped by 29 per cent so far this year.
The majority of his wealth stems from his 21 per cent ownership in the carmaker.
The company’s share prices have been hurt by its poor sales figures from China earlier this week and the production standstill at its factory in Berlin due to sabotage. Additionally, it has decreased by roughly 50 per cent from its 2021 top.
The report claims that a Delaware court’s rejection of a $55 billion compensation proposal was another factor in his financial setback.
He has had a lot of trouble with the social media site Twitter, which was rebranded as X after the takeover in 2022. Since then, it has had trouble keeping advertising among controversial.
Impact Shorts
More ShortsOther billionaires on the list
Facebook founder Mark Zuckerberg comes in fourth with an estimated net worth of $182 billion. Zuckerberg also recorded the largest increase in his net worth this year, at 53 per cent.
Microsoft co-founder Bill Gates ranked fifth with a net worth of $148 billion, Steve Baller came next with a net worth of $139 billion. The next on the list were Warren Buffett ($133 billion), Larry Ellison ($127 billion), Larry Page ($121 billion), and Sergey Brin ($115 billion).
With a net worth of $113 billion and $103 billion, Indians Mukesh Ambani of Reliance Group and Gautam Adani of Adani Group, respectively, rated 11th and 13th on the wealthy list.
With inputs from agencies
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