The richest man in the world, Elon Musk has lost $30.5 billion in the last 27 days of 2024, putting his current net worth below $200 billion.
Data on Bloomberg Billionaire Index showed that as of January 1, 2024, Telsa’s CEO, Musk was worth $299 billion but as of the last market trade, January 26, 2024(Friday) his net worth had dropped to $199 billion showing a 13.3% drop.
The fluctuations in Musk’s net worth draw attention to the performance of his companies, particularly Tesla, the world’s most valuable carmaker, renowned for its electric vehicles and home solar batteries, as they navigate the challenges of the financial year.
While Tesla experienced a blockbuster 2023 with its shares more than doubling in 12 months, 2024 is proving challenging, marking the worst start for Elon Musk’s electric vehicle company.
The company’s market valuation plummeted by over $94 billion in the first two weeks of the year, attributed to a series of adverse developments, including a policy reversal on electric vehicles by Hertz Global Holdings Inc., further price reductions for Chinese-manufactured cars, and indications of escalating labor costs.
Additionally, Musk serves as the Chief Executive Officer of SpaceX, a prominent rocket manufacturer entrusted by NASA for space station resupply missions, and holds ownership in the social networking company X, previously known as Twitter.
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