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Business Insider

Elon Musk’s net worth has slumped by US$30 billion this year to just under US$200 billion as Tesla mania fades.
Musk’s fortune stands at US$199 billion, per the Bloomberg Billionaires Index. That’s just US$15 billion ahead of Amazon founder Jeff Bezos, with LVMH chief Bernard Arnault at US$183 billion, putting his status as the world’s wealthiest person under threat.
Musk is also only US$71 billion ahead of Warren Buffett (US$128 billion), who’s ranked ninth on the index.
He commanded more than triple the investor’s net worth in November 2021, when Tesla stock peaked at over US$400 on a split-adjusted basis.

The electric-vehicle maker’s stock has tumbled by 56 per cent since then to US$183, slashing its value from over US$1.2 trillion to below US$600 billion.
Musk owns 411 million shares, or about 13 per cent of Tesla, a stake worth more than US$100 billion at the start of this year. It’s now valued at about US$75 billion, reflecting a 26 per cent decline in the stock this year to its lowest levels since May.
The entrepreneur’s 42 per cent stake in SpaceX accounts for another US$74 billion of his fortune, based on the aerospace company’s US$175 billion valuation in December. Musk also owns other businesses including X, formerly known as Twitter, and The Boring Company.
Tesla stock has tumbled this year for a raft of reasons, including the EV maker falling short of Wall Street’s fourth-quarter revenue and profit forecasts and issuing a muted growth outlook, and Musk clamouring for more control over the company.
Elon Musk’s X becomes top trending topic on China’s Weibo after outage
Musk also struck a cautious tone on the latest earnings call, flagging the threat posed by Chinese rivals and the pressure of higher interest rates on demand and profit margins.
Wedbush analyst Dan Ives bemoaned the “train wreck of a conference call,” while Deepwater managing partner Gene Munster said it was “the most sobering outlook I have seen from Tesla”.
Tesla’s rough start to the year is a striking reversal after its stock price more than doubled last year, making it one of the S&P 500’s best performers. The other six stocks in the “Magnificent Seven” have performed much better than Tesla in 2024, led by Nvidia and Meta, which are up 23 per cent and 11 per cent respectively this year.
Musk’s carmaker has also trailed the broader stock market: the S&P 500 is up about 3 per cent this year and hit a record high of more than 4,900 points last week.

Its gains have been fuelled by slowing inflation, resilient economic growth, and the prospect of the Federal Reserve slashing interest rates this year, which promises to boost corporate earnings and lift the appeal of stocks relative to bonds and savings accounts.
The divergence between Tesla and other stocks this year explains why Musk’s fortune has shrunk and his lead over the other centibillionaires has narrowed.
But it’s worth remembering Tesla stock is still up by more than 500 per cent since the start of 2020, making Musk one of the biggest wealth gainers in recent years.
Amazon is up 6 per cent this year, and 58 per cent over the past 12 months, leaving Bezos’ company worth US$1.64 trillion, or close to three times Tesla’s value.
Read the original article on Business Insider


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Musk’s fortune dips under US$200 billion as Tesla stocks slump, while Amazon’s Bezos closes in as world’s richest person

Elon Musk’s wealth is down US$30 billion this year to just under US$200 billion, according to Bloomberg. Photo: Reuters

Jeff Bezos net worth is just US$15 billion behind Musk, threatening his crown as the world’s richest person. Photo: AP

Elon Musk is still the world’s richest person – for now. Photo: AP

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Tesla chief executive Elon Musk applauds the roll-out of new electric vehicles at the opening of the firm’s Gigafactory Berlin-Brandenburg plant  in Germany on March 22, 2022. Photo:  AP

A Tesla driver charges his car at one of the company’s charging stations in Beijing on January 6, 2024. Photo: Bloomberg

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Emirati leader Sheikh Mohammed bin Zayed Al Nahyan in Abu Dhabi, United Arab Emirates, in January. Photo: AP Photo

Bill and David Koch attend the Lincoln Center spring gala in May 2017, in New York City. Photo: Getty Images for Lincoln Center

Elon Musk, chief executive officer of SpaceX and Tesla and owner of X, formerly known as Twitter, attends the Viva Technology conference dedicated to innovation and start-ups at the Porte de Versailles exhibition centre in Paris, France, in June. Photo: Reuters

Jeff Bezos’ Blue Origin launches first rocket since 2022 crash

The New Shepherd rocket blasts off from the Blue Origin base near Van Horn, Texas, on Tuesday. Photo: Blue Origin via AFP

Elon Musk visits Auschwitz after uproar over antisemitic messages on X

Elon Musk (second from right, with his son) takes part in a private visit to Auschwitz-Birkenau with (left to right) Holocaust survivor Gidon Lev, European Jewish Association chairman Rabbi Menachem Margolin and Ben Shapiro in Oswiecim, Poland. Photo: Reuters

Tesla and SpaceX’s CEO Elon Musk lights a candle as he visits the site of the Auschwitz-Birkenau Nazi German death camp in Oswiecim. Birkenau is a village near Oswiecim, in southern Poland, fenced off with barbed wire, where wooden barracks for the prisoners and the ruins of a gas chamber endure as evidence of Nazi crimes. Photo: AP

Elon Musk visits former German Nazi concentration camp Auschwitz II-Birkenau in Birkenau. More than 1.1 million people were murdered by the Nazis and their henchmen at Auschwitz during World War II. Photo: EPA-EFE

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World

United States & Canada

Musk’s wealth is down US$30 billion to just under US$200 billion, as Tesla’s stock tanked 26 per cent this year on weakening growth for the EV maker
Jeff Bezos is just US$15 billion behind Musk, threatening his crown as the world’s richest person


Musk’s wealth is down US$30 billion this year to just under US$200 billion, as Tesla’s stock tanked 26 per cent. Jeff Bezos is just US$15 billion behind Musk, threatening his crown as the world’s richest person


Musk’s fortune dips under US$200 billion as Tesla stocks slump, while Amazon’s Bezos closes in as world’s richest person

Musk’s wealth is down US$30 billion to just under US$200 billion, as Tesla’s stock tanked 26 per cent this year on weakening growth for the EV maker Jeff Bezos is just US$15 billion behind Musk, threatening his crown as the world’s richest person

Musk’s wealth is down US$30 billion to just under US$200 billion, as Tesla’s stock tanked 26 per cent this year on weakening growth for the EV maker

Jeff Bezos is just US$15 billion behind Musk, threatening his crown as the world’s richest person