Elon Musk's wealth drops by nearly 40 billion dollars in 2024
Elon Musk, the CEO of Tesla and owner of X (formerly Twitter), has experienced a significant decrease in his wealth this year. According to the Bloomberg Billionaire's Index, Musk's fortune has plummeted by almost 40 billion dollars since the beginning of 2024, bringing his net worth to $189 billion.
This decline has pushed him down to the third spot on the list of the world's richest individuals, behind Bernard Arnault of Louis Vuitton and Jeff Bezos of Amazon. Bezos briefly overtook Musk but was later replaced by Arnault.
The primary reason for Musk's financial setback is attributed to the decline in Tesla's share price, which has dropped by nearly 29% this year. Additionally, a Delaware court rejected a $55 billion compensation package for Musk, further contributing to his wealth reduction.
Musk's social network, X, formerly known as Twitter, has also faced challenges since its takeover in 2022. The platform has struggled to retain advertisers amid controversies, adding to Musk's financial woes.
In a recent announcement, Musk revealed that X will soon launch a smart TV app for Amazon and Samsung users, allowing them to access long-form videos on their smart TVs. This move is part of X's efforts to become a «video-first platform,» with plans to compete with Google's YouTube.
X has been forming partnerships with prominent figures such as former Fox commentator Tucker Carlson and former CNN anchor Don Lemon as it seeks to expand its video content offerings.
(You can now subscribe to our Economic Times Read more on economictimes.indiatimes.com
