According to the latest rankings published by Forbes magazine, Elon Musk’s net worth has experienced a significant decrease of nearly $30 billion this year, surpassing that of any other billionaire in the world.
Despite being the wealthiest individual globally, the net worth of the Tesla and SpaceX founder dropped from $251.3 billion at the start of the year to $221.4 billion by June 28, marking the end of the second quarter of 2024.
According to Forbes, this was seen as a rare loss during a period of overall success for the super wealthy, as the stock market experienced significant growth and the combined net worth of the top ten richest individuals reached $1.66 trillion.
Musk faced a setback when a Delaware judge ruled in January that his Tesla compensation package was invalid, following a challenge from an activist investor.
The bonus was worth a staggering $51 billion when it was awarded. Forbes has reduced the estimated value of those stock options by 50% in the event that Musk is able to obtain them, due to the potential for legal disputes.
Tesla has relocated from Delaware to Texas and has once again approved Musk’s compensation package. The value of Musk’s stake in Tesla has taken a hit of around $20 billion, as the company’s shares have slipped due to declining car deliveries and profits.
Musk maintains a significant stake in the generative artificial intelligence startup xAI, as well as a substantial investment in X (formerly Twitter), which he acquired in 2022. Additionally, he holds a considerable stake in his private aerospace company SpaceX, along with other ventures.
As per Forbes, there has been a significant decline in Musk’s wealth since November 2021. His portfolio, which was valued at around $320 billion, has reportedly decreased by an estimated $99 billion.
In March, Musk experienced a temporary setback in his position as the wealthiest individual globally when Amazon founder Jeff Bezos briefly surpassed him. However, Bezos has now fallen back to the second spot with a net worth of just over $214 billion.
A significant portion of the surge in billionaires in 2024 can be attributed to the rapid growth of artificial intelligence. One individual who has experienced significant success this year is Jensen Huang, the CEO of NVIDIA. With a gain of $64.1 billion, Huang has climbed from 27th place to 14th in the Forbes rankings.
Several CEOs have seen significant gains in their wealth due to the stock market. Mark Zuckerberg, the CEO of Meta, has seen his wealth increase by $61.5 billion. Michael Dell, the CEO of Dell, has also experienced a substantial increase of $35.8 billion.
Larry Ellison, the chairman of Oracle, has become $37.7 billion richer. Additionally, Larry Page, the co-founder of Google, has seen his wealth grow by $33.1 billion.
Several individuals experienced significant decreases in their wealth, including Mexican telecom mogul Carlos Slim Helu, Nike co-founder Phil Knight, and Mackenzie Scott, the former spouse of Bezos, who directed a substantial portion of her funds towards various liberal political causes.
