Elon Musk’s Net Worth Drops by $29.9 Billion, Largest Loss Among Billionaires in 2024

Elon Musk has experienced the largest decline in net worth among billionaires in the first half of 2024, according to Forbes’ estimates. Despite a booming stock market, Musk’s net worth fell from $251.3 billion on December 31, 2023, to $221.4 billion on June 28, 2024. This $29.9 billion decrease is more than any other billionaire tracked by Forbes.

Musk’s financial downturn follows a Delaware judge’s decision to halt his $51 billion Tesla compensation package. Although Tesla shareholders re-approved the package last month, the company faces a lengthy and uncertain appeal process. Additionally, Musk’s 13% stake in Tesla decreased by about $20 billion as the company’s shares dropped 20% due to declining profits and car deliveries.

In contrast, the ten richest people’s collective net worth rose from $1.47 trillion at the end of 2023 to $1.66 trillion by the end of June. Other billionaires who faced significant losses in the first half of 2024 include Dieter Schwarz, Carlos Slim Helu & family, Zhong Shanshan, Andrew Forrest & family, Francoise Bettencourt Meyers & family, Phil Knight & family, James Ratcliffe, Bernard Arnault & family, and Low Tuck Kwong.