Elon Musk’s wealth has decreased a lot recently, with reports showing a drop of $116 billion from his highest net worth.
Even with this decline, he still remains the richest person in the world by a large amount.
It’s clear that Elon Musk was super wealthy, and his net worth skyrocketed to levels we’ve never seen after Donald Trump won the election last November.
Musk was a strong supporter and good friend of Trump before the election, and he gained a lot from this relationship as people expected his companies to thrive due to less strict regulations and more support.
Trump’s election victory greatly benefitted Musk’s net worth and companies (Chip Somodevilla/Getty Images)
Tesla’s stock price more than doubled from the end of October to mid-December, and a recent tender offer showed that SpaceX has become the most valuable private company in the world, valued at $350 billion.
In just a few months, his net worth jumped from about $250 billion to an incredible $464 billion, nearly doubling and putting him around $200 billion ahead of the next richest person.
Even though he is still the richest person globally, his net worth has fallen by $116 billion from its peak, which many believe is due to the drop in Tesla’s value, according to Forbes.
Forbes’ real-time billionaires index shows that Musk’s current net worth is $347.7 billion, which is more than $100 billion higher than Meta CEO Mark Zuckerberg ($221 billion) and Amazon founder Jeff Bezos ($219 billion).
Bloomberg’s billionaires index also reports that Musk has experienced a year-to-date decline of $96.5 billion, which is about 22.3% of his total net worth.
The drop in Tesla’s stock is likely a big reason for this decrease, as the company’s closing price of $272 is the lowest it has been since November 5, which was Election Day in the U.S.
Recent developments have put a chainsaw to Musk’s net worth, causing it to drop by $116 billion from its peak (Saul Loeb/AFP via Getty Images)
It seems that the tariffs President Trump put on China might be affecting Tesla since China is its second biggest market and is also where a lot of the materials needed to make electric cars come from.
SpaceX is still doing really well, especially with more private companies getting involved in Moon missions. Plus, Musk’s AI company, xAI, is still growing even though there’s some tension with OpenAI, which he helped start with Sam Altman.
Forbes pointed out something interesting: even though Musk lost $116 billion, which sounds huge, that amount is actually more than the total wealth of all but 11 of the richest people in the world.
In just the last three months, Musk’s losses are greater than the entire net worth of people like Jensen Huang from Nvidia, Charles Koch, and Alice Walton, who is an heir to Walmart.
Featured Image Credit: CHIP SOMODEVILLA / Contributor / Getty