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Musk's net worth has evaporated by $75 billion this year, and the title of the richest person may change hands within the year
BlockBeats News, August 5th, Musk's appointment as "Secretary of Efficiency" seems to have caused a larger-than-expected blow to his wealth. According to the Bloomberg Billionaires Index, Musk's fortune has shrunk by over $75 billion so far this year, with a net worth of about $357 billion, far below the peak of over $450 billion by the end of 2024.
The decline is mainly due to the performance of his 13% stake in Tesla. Tesla's stock price has fallen by nearly 20% so far this year. Musk's lead as the world's richest person is being eroded by competitors: Oracle co-founder Larry Ellison and Meta CEO Mark Zuckerberg are closing in. Currently, Musk is only about $54 billion ahead of Ellison.
Oracle has seen explosive growth thanks to its AI strategy and cloud computing business, with its stock price rising by over 50% this year, leading to a rapid surge in Ellison's wealth. If this trend continues, Musk is highly likely to lose the title of the world's richest person by the end of the year. (Golden Finance)
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