Forbes brands Musk as ‘biggest loser’
(MENAFN) Elon Musk, renowned for his leadership at Tesla and SpaceX, has experienced the largest decline in net worth among global billionaires this year, according to Forbes magazine's latest rankings released on Thursday. Despite retaining his position as the world's wealthiest individual, Musk's personal fortune plummeted from USD251.3 billion at the start of the year to USD221.4 billion by June 28, marking a notable USD30 billion decrease amid a generally prosperous period for the ultra-rich amidst booming stock markets.
Forbes characterized Musk's financial setback as unusual during a time of widespread wealth accumulation among the top ten richest people globally, whose combined net worth soared to USD1.66 trillion.
The decline in Musk's wealth stems primarily from a January ruling by a Delaware judge invalidating his substantial Tesla compensation package, originally valued at USD51 billion. Forbes has discounted the value of these stock options by 50percent, reflecting the uncertainty surrounding potential litigation over the compensation package's reinstatement, despite Tesla's relocation to Texas and subsequent approval of the package.
Additionally, the value of Musk's 13percent stake in Tesla has decreased by approximately USD20 billion due to challenges in vehicle deliveries and profitability declines at the electric car manufacturer. Nevertheless, Musk retains substantial stakes in ventures like the artificial intelligence startup xAI, valued at USD14.4 billion, and X (formerly Twitter), where his stake amounts to USD7 billion following an acquisition in 2022. His private aerospace venture, SpaceX, remains a cornerstone of his portfolio, estimated at around USD75 billion.
Forbes estimates that Musk's total wealth has dwindled by approximately USD99 billion since November 2021, when his assets peaked at roughly USD320 billion, underscoring the volatility and challenges in maintaining high net worth in today's global economic landscape.
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