World Richest Person Elon Musk's wealth dropped by $20.3 billion

World Richest Person Elon Musk Waelth Fell Down 20.3 Billion Dollor

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Elon Musk experienced a substantial decrease in his net worth, plunging by $20.3 billion on Thursday. This decline, which brought his total net worth to $234.4 billion, ranks as the seventh-largest drop ever recorded among individuals listed in the Bloomberg Billionaires Index. The decrease in wealth also narrowed the gap between Musk and Bernard Arnault, the chairman of luxury goods company LVMH and one of the world's wealthiest individuals. Despite the drop, Musk's fortune still surpasses Arnault's by approximately $33 billion.

The decline in Musk's net worth was triggered by Tesla Inc.'s warning that it may need to continue reducing the prices of its electric vehicles. As a result, Tesla's shares experienced a significant decline, with the company facing challenges in maintaining profitability due to ongoing price cuts and shrinking automotive gross margins.

Notably, other prominent US technology billionaires also faced a challenging day, as individuals like Jeff Bezos from Amazon.com Inc., Larry Ellison from Oracle Corp., Steve Ballmer, the former CEO of Microsoft Corp., Mark Zuckerberg from Meta Platforms Inc., and Larry Page and Sergey Brin, the co-founders of Alphabet Inc., collectively lost $20.8 billion in net worth during a downturn in the tech-heavy Nasdaq 100.

Tesla, headquartered in Austin, saw its shares plummet 9.7% to $262.90 in New York, marking the most significant decline since April 20. Elon Musk, the CEO of the company, acknowledged the impact of increasing interest rates on the company's profitability and announced that further price reductions might be necessary.

Elon Musk's wealth primarily stems from his ownership in Tesla, Space Exploration Technologies, and Twitter. Up until Wednesday, his wealth had risen by approximately $118 billion this year, driven by a remarkable 136% surge in Tesla's stock price.

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Elon Musk Newt Worth

$250.4 B