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The net worth of Elon Musk, the world’s richest man, witnessed a sharp decline on Wednesday due to a drop in Tesla’s stock price. This significant loss comes amidst ongoing volatility in Musk’s wealth.
According to the Bloomberg Billionaires Index, Musk’s net worth plunged by a staggering $28.4 billion (approximately ₹2,41,700 crore) in just one day. The primary reason for this drop was Tesla’s stock falling 8.28%, closing at $440.13. Musk owns Tesla, SpaceX, and X (formerly Twitter). His wealth after this drop now stands at $458 billion (₹39.08 lakh crore). Despite this sharp decline, Musk’s net worth has grown by $229 billion in 2024 alone.
Musk remains the world’s richest person, far ahead of Amazon founder Jeff Bezos, whose wealth is $240 billion. The single-day loss in Musk’s fortune exceeds the total wealth of many global billionaires.
On Wednesday, all of the top 16 billionaires on the Bloomberg Billionaires Index saw declines in their net worth.
Indian richest man Mukesh Ambani, ranked 17th globally, saw a modest gain of $72.5 million on Wednesday, taking his total wealth to $94.7 billion. However, Ambani’s net worth has fallen by $1.67 billion this year.
Gautam Adani, chairman of the Adani Group, is currently ranked 19th on the list. Adani’s net worth dropped by $1.52 billion on Wednesday, leaving him with $78.3 billion. His wealth has declined by $5.95 billion in 2024 so far.
Musk’s wealth is heavily tied to Tesla’s performance, and the stock’s sharp decline caused a significant dent. Despite these fluctuations, he remains far ahead of his competitors in terms of total wealth.
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