Elon Musk is the billionaire with highest loss in 2024 so far

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World’s richest Elon Musk, the high-profile CEO of Tesla, has experienced a significant decline in his net worth over the first half of 2024.

This is regardless of his over $12 billion net worth appreciation on Tuesday, July 2, 2024.

This is despite a generally prosperous period for many of the world’s ultra-wealthy, Musk’s fortune has taken the largest hit, though a substantial bonus from Tesla shareholders could soon improve his financial situation.

From December 31, 2023, to June 28, 2024, Musk’s net worth dropped from $251.3 billion to $221.4 billion, marking the largest decrease among the billionaires.

This loss comes despite the broader stock market experiencing robust growth, which has typically been a favorable environment for the wealthy. Nonetheless, Musk remains the richest person in the world , based on data culled from Forbes.

What we know

The primary factor behind this significant decline is a January ruling by a Delaware judge that invalidated Musk’s record Tesla compensation package, previously valued at $51 billion.

This decision prompted a discount the value of the equity award by 50%, reflecting the uncertainty surrounding Musk’s potential to ever realize those stock options. Although Tesla shareholders re-approved the $56 billion compensation package on June 13, the ongoing appeal process of the January verdict continues to cast doubt.

Even without considering the disputed compensation package, the past six months have been challenging for Musk’s financial portfolio.

His existing 13% stake in Tesla saw its value decrease by approximately $20 billion, as the company’s shares fell 20%. This decline was driven by reduced profits and declining car deliveries. However, some of this loss was offset by the growth of Musk’s stake in his generative artificial intelligence startup, xAI, which has increased to $14.4 billion. Additionally, Musk holds a roughly $75 billion stake in SpaceX, a $7 billion stake in his social media company X, and smaller investments in other ventures such as Neuralink.

The first half of 2024 has generally been a positive period for the world’s wealthiest individuals.

The collective net worth of Forbes’ 10 richest people rose from $1.47 trillion at the end of 2023 to $1.66 trillion at the end of June. However, Musk is not alone in experiencing a decline in wealth. Several other high-profile billionaires have also seen their fortunes decrease.

A breakdown

Bernard Arnault, Europe’s richest man, saw his net worth fall from $200.7 billion to $193.8 billion as shares of his luxury goods conglomerate LVMH declined. Carlos Slim Helu, Mexico’s wealthiest individual, experienced a drop from $105.3 billion to $91.4 billion due to a decrease in the value of shares in his telecommunications empire.

Nike co-founder Phil Knight’s net worth decreased from $42.9 billion to $33.7 billion, with Nike stock reaching a four-year low. This decline was primarily due to her extensive charitable donations, despite a rally in Amazon’s stock.

The invalidation of his Tesla compensation package and the decline in Tesla’s share value have been significant factors. However, the potential for a significant bonus from Tesla shareholders and the ongoing growth of his other ventures may help to stabilize and potentially increase his wealth in the future.


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