Elon Musk a 21 percent stake in Tesla, as indicated by official records.
Elon Musk, a prominent figure in the technology sector and a billionaire, has experienced a significant decline in his net worth, amounting to $40 billion, over the course of this year. This decline stands out as the most drastic among the top 10 wealthiest individuals during this period.
Formerly holding the title of the richest person globally, Musk now finds himself in the third position, with a net worth of $189 billion, as per the latest data from the Bloomberg Billionaire Index released on Saturday.
At present, Bernard Arnault of Louis Vuitton leads the pack with a net worth of $201 billion. Following closely behind is Jeff Bezos, the founder of Amazon, with a wealth of $198 billion. Bezos briefly surpassed Musk earlier this week to claim the title of the richest person, only to be surpassed himself by Arnault shortly after.
Musk’s substantial ownership of a 21 percent stake in Tesla constitutes a significant portion of his wealth. However, the downward trend in Tesla’s share prices has had a considerable impact on his net worth. Tesla has experienced a decline of over 29 percent in its total value so far this year.
The automobile manufacturer recently faced challenges with disappointing sales in China, along with production halts at its factory near Berlin following an incident of sabotage. These events have further contributed to the decline in Tesla’s share prices, which have fallen by approximately 50 percent from their peak in 2021.
Musk’s recent setbacks also include a court ruling that invalidated his $55 billion pay package at Tesla.
Additionally, Musk, who also owns the microblogging platform X, is followed by Mark Zuckerberg, the founder of Facebook, with a net worth of $182 billion. Zuckerberg has reported the highest increase in his net worth this year, at 53 percent.
Among Indian entrepreneurs, Gautam Adani of the Adani Group reported the most significant gains during this period, with an increase of 18.2 percent. Adani holds the 13th position on the rich list, boasting a net worth of $103 billion, according to the Bloomberg Billionaire Index.