Elon Musk is $29.9 billion poorer, biggest billionaire loser so far in 2024

New York: Elon Musk’s net worth has fallen more than any other billionaire in the world in the first six months of 2024, as per Forbes’ estimates. The Tesla boss has lost money despite a boom in stock market although the massive salary package cleared by his company’s shareholders could raise Elon Musk’s fortunes. From December 31, 2023 to June 28, 2024, Elon Musk’s net worth fell from $251.3 billion to $221.4 billion.

Elon Musk’s wealth has been shrinking following a Delaware judge’s decision to stop his Tesla compensation package then valued at $51 billion. Tesla shareholders re-approved the package last month but the company likely faces a lengthy and uncertain appeal process in the matter.

Elon Musk’s existing 13% stake in Tesla decreased by about $20 billion as shares of the automaker fell 20% due to declining profits and car deliveries this year so far. This is not the same situation that other Forbes’s billionaires face as the ten richest people’s collective net worth jumped from $1.47 trillion at the end of 2023 to $1.66 trillion at the end of June.