Elon Musk's $182 billion net worth drop breaks Guinness World Record (2024)

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Why did Elon Musk's net worth drop in 2024? ›

Elon Musk's wealth plunges by $40 billion in 2024 as Tesla shares crash 30% YTD on poor sales.

Some estimate he lost up to $200 billion, Guinness said at the time. The 2022 dip was also attributed to poor performance of Tesla stock, which plummeted 65% in 2022, according to Guinness. Musk's acquisition of Twitter also cost him a pretty penny.

In November 2021, Musk became the first person to have a net worth of more than $300 billion. On December 30, 2022, it was reported that Musk had lost $200 billion from his net worth due to declining stock values in Tesla, becoming the first person in history to lose such a large sum of money.

Tesla stock declined Thursday putting Musk just $33B ahead of luxury goods tycoon Bernard Arnault in the rich list. Elon Musk's fortune slumped $20.3 billion Thursday after Tesla Inc. warned it may have to keep cutting the prices of its electric vehicles, sending shares tumbling.

Oxfam said it would take 476 years for the 5 richest to exhaust all their money if they decided to spend $1 million per day. While Musk will take 673 years, Bezos will need 459 to exhaust his wealth.

"Of the 21 individuals who stand a chance of reaching this phenomenal milestone in their lifetime, Elon Musk is predicted to be the first," said CEO Magazine.

Who is the richest man in the world? As of May 1, 2024, the richest person in the world is Bernard Arnault, the CEO of French luxury goods group LVMH; he's worth nearly $209 billion. He moved into the number one spot in late January 2024, overtaking Elon Musk.

The company reported a 9% drop in total revenue, which also missed analyst estimates. And its profit margin declined by 2 percentage points. But Tesla heartened some investors by announcing it plans to move ahead with a lower priced model, which it said will go into production in the second half of 2025.

Elon Musk disclosed on Twitter Saturday that, due to a 50% drop in advertising revenue and a “heavy debt load,” the platform still has a negative cash flow.

How much of Tesla does Elon Musk own? ›

However, Musk is hardly without financial resources: He owns almost 13% of Tesla shares, worth $73 billion. He also has stakes in SpaceX, worth $71 billion, and multiple other businesses, giving him a total net worth of $203 billion, according to the Bloomberg Billionaires Index.

Elon Musk's wealth has crashed by over $175 billion from its peak as Tesla's problems pile up. Tesla shares have tumbled 66% from their peak as investors gear up for a growth slowdown. The stock drop has fueled an estimated $176 billion decline in Elon Musk's net worth.

Interactive chart of historical net worth (market cap) for Tesla (TSLA) over the last 10 years. How much a company is worth is typically represented by its market capitalization, or the current stock price multiplied by the number of shares outstanding. Tesla net worth as of June 07, 2024 is $566.02B.

Why does Elon Musk's net worth drop in 2021? The net worth of the “guys at the top” largely is based up the valuation of the shares they own in the companies they run. For Bezos, this is Amazon, for Zuckerberg, it's Facebook, for Musk, this is Tesla.

The EV giant said its Q1 revenue decline was primarily due to a reduced average vehicle selling price and a drop in vehicle deliveries. Tesla added revenue was also hindered by issues with the Model 3 refresh rollout at its Fremont factory.