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

Livemint · 1y

Tesla CEO Elon Musk has lost his position as the world's richest person as his net worth has decreased by nearly $40 billion so far this year. He has been overtaken by Amazon founder Jeff Bezos, who is now the second richest person in the world. Musk's wealth has declined due to Tesla's falling share price, disappointing sales in China, a production halt in Germany due to sabotage, and a court order striking down his pay package at Tesla. Meanwhile, Musk's social network, X, plans to launch a TV app for smart televisions, focusing on long-form videos.