Elon Musk, the renowned CEO of Tesla, faced a significant setback in the first half of 2024 as his net worth plummeted more than any other billionaire globally. According to Forbes’ estimates, Musk’s wealth took a hit despite a booming stock market that saw several mega-rich individuals increase their fortunes.
While most billionaires experienced gains thanks to surging stock indexes worldwide, Musk’s wealth declined substantially. His net worth is now a staggering $99 billion less than its peak in November 2021, standing at around $320 billion. The drop is attributed to Tesla’s stock price tumbling by over 50% from its peak in the same year, contrasting with the S&P’s 22% increase during that period.
On the other hand, several high-profile individuals witnessed remarkable wealth growth during the first six months of the year. Jensen Huang, the CEO of Nvidia, topped the list, bolstering his wealth by $64.1 billion and climbing to the 14th spot among the world’s wealthiest individuals. Other notable gainers included technology leaders such as Mark Zuckerberg of Meta, Michael Dell of Dell, Larry Ellison of Oracle, and Larry Page of Google.
Despite Musk’s recent financial setback, a substantial bonus from Tesla shareholders could potentially reverse his fortunes. As the global economy continues to evolve and stock markets fluctuate, the fortunes of billionaires like Musk are subject to rapid changes. It remains to be seen how Musk and other billionaires will navigate the ever-shifting landscape of wealth accumulation in the coming months.
