Reaching billionaire status in our challenging world is no easy feat. However, remaining a billionaire is another feat entirely that could be gone in an instant. All it takes is one lousy case or one year of constant downfalls to bring down a billionaire’s empire.
Elon Musk is arguably one of the most famous billionaires on earth, and he just suffered the biggest loss by a billionaire in the first half of 2024.
Elon Musk
Elon Reeve Musk is a world-famous CEO and businessman. He is a key investor known to have significant shares in Tesla, SpaceX, xAI, Neuralink, Open AI, and X(formerly known as Twitter), to name a few. Musk was born on June 28, 1971, and is 53 years old.
He has co-founded over five successful companies and is currently the richest man on the planet. However, his massive wealth suffered a blow in the first half of 2024.
Elon Musk’s 2024 Loss
Forbes reported that the multibillionaire’s net worth took a hit in the first six months of 2024. This decline was quite heavy and notably the most for any billionaire.
According to reports, Musk’s net worth, which was about $251.3 billion, fell to $221.4 billion between the last day of December 2023 and June 28, 2024. However, this can rise again later in the year if a pending big bonus comes through for him.
What Caused the Significant Decline?
This notable loss can be attributed to a case that Musk lost in January after a Delaware judge ruled against him. The judge axed Musk’s record Tesla compensation package, which was valued at $51 billion, leading to a huge drop in the company’s stock value.
Forbes then discounted the company’s equity award by 50% as it became unsure if Musk would regain his lost stock. However, Tesla’s shareholders and investors want to appeal the January decision.
A Shaky First Half
Even without discounting the company’s equity award, the first half of the year was still shaky for Elon Musk’s wealth. The value of his current 13% stake in Tesla also declined by about $20 billion, as the electric car company’s shares decreased by 20%.
This decrease was due to the decline in its profits and car deliveries worldwide, which affected the overall revenue.
Musk’s Other Companies
However, the billionaire saw a gain in some of his other companies. His artificial intelligence startup called xAI grew to $14.4 billion in the first six months of 2024.
He also has stakes in other companies, such as a $75 billion stake in SpaceX, the private aerospace company, and a $7 billion stake in X, the social media company. His human brain experimental startup also has smaller holdings that seem booming.
Some Billionaires Saw a Decline
However, Elon Musk was not the only one who suffered a loss these past six months. According to reports, the net with Bernard Arnault, the wealthiest man in Europe, fell from $200.7 billion to $193.8 billion after his LVMH shares declined.
Similarly, Carlos Slim Helu, the richest person in Mexico, also decreased his wealth from $105,3 billion to $91.4 billion. Phil Knight of Nike and MacKenzie Scott also suffered some losses in the first half of the year.
A List of the Top Losses
Below is a list of some of the world’s top billionaires and how much they lost in the first six months of 2024. Elon Musk lost $29.9 billion, Dieter Schwarz lost $15.4 billion, Carlos Slim Helu & family lost $13.9 billion, Zhong Shanshan lost $11.3 billion, and Andrew Forrest & family lost $9.5 billion.
Francoise Bettencourt Meyers & family lost $9.4 billion, Nike’s Phil Knight & family lost $9.2 billion, James Ratcliffe lost $7.5 billion, Bernard Arnault & family lost $6.9 billion, and Low Tuck Kwong lost $6.7 billion.
Did All Billionaires Also Lose in the First Half of 2024?
While Musk and some others saw a notable loss in the first six months of the year, many other billionaires did not suffer the same fate. In fact, the first half of 2024 was largely favorable to most of the world’s richest people.
In fact, the collective net worth of Forbes’ 10 richest people increased significantly from $1.47 trillion to $1.66 trillion between December 31, 2023, and June 28, 2024.
Countries That Gained in 2024
While some billionaires are the biggest money losers in 2024, others have been the biggest gainers in the past six months. Countries, in particular, have seen their stock indexes rise worldwide.
For example, the U.S. S&P 500, Europe’s Stoxx 600, Japan’s Nikkei 225, and India’s Nifty 50 have soared to new heights, setting record-high figures. These countries have stocks doing very well and hope to continue growing.
Billionaires That Gained in the U.S. in 2024
Jensen Huang, Nvidia’s CEO, is the biggest-earning billionaire this year. In just six months, he jumped from the world’s 27th-wealthiest person to the 14th position. This happened after he earned about $64.1 billion in just six months.
Other top gainers are majorly linked to the rise in AI in 2024. Therefore, Meta CEO Mark Zuckerberg, Dell CEO Michael Dell, Oracle chairman Larry Ellison, and Google co-founder Larry Page all saw rises in their net worth.
Billionaires That Gained in Other Countries in 2024
Some billionaires also made the list of the top gainers in other continents in 2024. In Asia, Mukesh Ambani was the continent’s top gainer, with a $22.4 billion rise. Amancio Ortega was the highest gainer in Europe, with $10.7 billion.
South America’s biggest gainer was Eduardo Saverin, with a $8.1 billion gain. To round up the top ten list is Aliko Dangote, who is Africa’s top gainer at $3.1 billion.
Elon Musk Is Predicted To Rise Again
According to several predictions, Elon Musk’s net worth will rise during the year’s second half. As he is also expecting a bonus from Tesla soon, this means that there is a high chance of his wealth increasing, further putting him at a higher net worth than before.
In November 2021, Musk’s net worth reached an all-time high of $320 billion. Since then, he has lost about $99 billion but is resilient in building it back up.
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