Elon Musk faces $40 billion decline in net worth, biggest drop in 2024's top 10 billionaires

Elon Musk, the tech billionaire, has experienced a notable decline in his net worth, marking the steepest fall among the top 10 wealthiest individuals this year.

Once holding the title of the world's richest person, Musk now holds the third position with a net worth of $189 billion, according to the Bloomberg Billionaire Index as of Saturday.

Bernard Arnault, chairman of Louis Vuitton, currently leads the list with a net worth of $201 billion, while Amazon's Jeff Bezos follows closely with $198 billion. Bezos had briefly surpassed Musk in wealth earlier in the week but was subsequently overtaken by Arnault.

Musk's wealth is significantly tied to his 21% stake in Tesla, which has been impacted by the company's declining share prices. Tesla has witnessed a decrease of over 29% in its overall value since the beginning of the year. Recent challenges for Tesla include disappointing sales in China and a production halt at its Berlin factory due to sabotage.

The setbacks for Musk extend to a court ruling that invalidated his $55 billion pay package at Tesla. Despite his position in the top billionaires' list, Musk has faced a series of challenges that have contributed to the substantial decline in his net worth.

Mark Zuckerberg, the founder of Facebook, closely follows Musk with a net worth of $182 billion, showing the highest percentage gain among the top billionaires at 53% for the year.

Among Indian billionaires, Gautam Adani of the Adani Group has experienced the most significant gains in this period, reporting an 18.2% increase in his net worth. Adani holds the 13th position on the Bloomberg Billionaire Index with a net worth of $103 billion.