Elon Musk has experienced a significant decline in his net worth in the first half of 2024, with a reduction of nearly $30 billion, the most substantial drop among all billionaires globally. According to Forbes, Musk’s net worth fell from $251.3 billion on December 31, 2023, to $221.4 billion by June 28, 2024. This decrease surpasses the losses faced by any other billionaire during the same period.
The primary factor behind Musk’s declining fortune is a court order from a Delaware judge that halted his Tesla compensation package, initially valued at $51 billion. Although Tesla shareholders re-approved the package last month, the company is likely to face a prolonged and uncertain appeal process. This legal setback has contributed to the volatility in Musk’s financial standing.
Forbes reports that the value of Musk’s 13% stake in Tesla dropped by approximately $20 billion as the automaker’s shares fell 20%, driven by declining profits and car deliveries. In contrast, the combined wealth of the ten richest billionaires listed by Forbes increased from $1.47 trillion to $1.66 trillion over the same period, highlighting the unique challenges faced by Musk.
Other billionaires who also experienced significant losses include Carlos Slim Helu & family from Grupo Carso, Zhong Shanshan from Nongfu Spring, Dieter Schwarz from Lidl, Bernard Arnault & family from LVMH, Low Tuck Kwong from Bayan Resources, James Ratcliffe from Ineos, Phil Knight & family from Nike, Francoise Bettencourt Meyers & family from L’Oréal, and Andrew Forrest & family from Fortescue Metals Group.
Europe’s richest man, Bernard Arnault, saw his net worth decline from $200.7 billion to $193.8 billion due to falling shares of his luxury empire LVMH. Carlos Slim Helu’s fortune dropped from $105.3 billion to $91.4 billion as his telecommunications company’s shares declined. Nike cofounder Phil Knight’s net worth fell from $42.9 billion to $33.7 billion as Nike stock hit a four-year low. Additionally, philanthropist Mackenzie Scott’s net worth decreased by $4.7 billion, primarily due to her charitable donations, despite Amazon’s stock rallying.
Musk’s financial challenges illustrate the volatility and unpredictability that can accompany massive fortunes, especially when tied to high-stakes legal battles and fluctuating stock markets.