Elon Musk owns 21% of Tesla. (document)
Tech billionaire Elon Musk has lost $40 billion in net worth this year, the largest drop among the top 10 richest people over the same period.
Musk, once the world’s richest man, now holds the third spot with a net worth of $189 billion, according to Saturday’s Bloomberg Billionaires Index.
Louis Vuitton’s Bernard Arnault currently tops the list with a net worth of $201 billion. Amazon founder Jeff Bezos follows with a fortune of $198 billion. Bezos surpassed Musk as the richest man earlier this week, but was later replaced by Arnault.
Musk owns 21% of Tesla shares, which is a major part of his wealth. However, the fall in Tesla’s stock price has affected his net worth. Tesla’s net worth has shrunk by more than 29% so far this year.
The automaker reported disappointing sales in China earlier this week and vandalism halted production at its factory near Berlin, hurting its shares. It is also down about 50% from the peak in 2021.
Musk’s latest setbacks also include a court order canceling his $55 billion compensation at Tesla.
Musk also owns microblogging platform X, followed by Facebook founder Mark Zuckerberg, who has a net worth of $182 billion. Zuckerberg also hit the highest gain this year with a 53% increase in net worth.
Among Indians, Adani Group’s Gautam Adani posted the highest gain (18.2%) during the period. He ranks 13th on the rich list with a net worth of $103 billion, according to the Bloomberg Billionaires Index.
