Elon Musk is $29.9 Billion Poorer, Biggest Billionaire Loser So Far in 2024
From December 31, 2023, to June 28, 2024, Elon Musk’s net worth dropped from $251.3 billion to $221.4 billion, marking the largest loss among billionaires in 2024, according to Forbes’ estimates.
Despite a booming stock market, Musk’s wealth has declined significantly. This comes even though Tesla shareholders approved a substantial salary package that could potentially boost his fortune in the future. Musk’s net worth reduction is primarily attributed to a Delaware judge’s decision to halt his $51 billion Tesla compensation package. Although shareholders re-approved the package last month, Tesla faces a protracted and uncertain appeal process.
Musk’s 13% stake in Tesla has diminished by about $20 billion due to a 20% drop in the automaker’s shares, driven by declining profits and car deliveries this year. This contrasts with the ten richest people’s collective net worth, which increased from $1.47 trillion at the end of 2023 to $1.66 trillion by the end of June.
