SAN FRANCISCO: After Tesla shares fell to 11-month lows, tech tycoon Elon Musk's net worth fell below USD200 billion. According to Teslarati, Musk's net worth has dropped by around USD77.6 billion this year.
Tesla stock has been under a lot of pressure recently, with shares down nearly 40% since the beginning of the year. As a result, Musk's net worth has decreased significantly.
Musk's net worth as of May 25 was USD193 billion, according to the Bloomberg Billionaires Index. This means Musk has lost USD77.6 billion of his fortune since the beginning of the year. However, by net worth, Musk remains the richest person on the planet. According to the survey, his nearest challenger, Amazon founder Jeff Bezos, has a net worth of USD128 billion.
Bezos' net worth has also plummeted this year, falling by USD64.6 billion, similar to Musk's.
This year, Musk and his fellow multibillionaires' fortunes have shrunk. Since the beginning of the year, the world's 50 wealthiest people, including Bill Gates and Mark Zuckerberg, have lost a total of half a trillion dollars in fortune.