Topline
The web price of Tesla’s headline-grabbing CEO Elon Musk fell by greater than some other billionaire on the planet over the primary six months of the 12 months, in line with Forbes’ estimates, a uncommon loss in what was in any other case an amazing stretch for the megarich because the inventory market boomed—although an enormous bonus courtesy of Tesla shareholders may increase Musk’s fortunes.
Nonetheless the world’s richest man, Elon Musk did see a serious drop in his web price this 12 months.Getty Photos
Key Information
Musk’s web price fell from $251.3 billion to $221.4 billion from Dec. 31, 2023 to June 28, the inventory market’s final day of regular first-half buying and selling, greater than some other billionaire tracked by Forbes, although Musk stays the richest particular person on the planet.
A lot of Musk’s shrinking piggy financial institution stems from a Delaware choose’s January axing of his file Tesla compensation bundle then valued at $51 billion, which brought on Forbes to low cost the worth of the fairness award by 50% as a consequence of uncertainty of Musk ever getting maintain of these inventory choices.
Forbes applies the identical low cost even after Tesla shareholders re-approved the bundle June 13 as the corporate possible faces a prolonged and unsure attraction strategy of the January verdict.
Excluding the award, it was nonetheless a shaky six months for Musk’s fortune, as the worth of his present 13% stake in Tesla decreased by about $20 billion as shares of the automaker slipped 20% as a consequence of declining earnings and automotive deliveries, partially offset by Musk’s stake in his generative synthetic intelligence startup xAI grew to $14.4 billion (Musk additionally has a roughly $75 billion stake in personal aerospace firm SpaceX, a $7 billion stake in his social media firm X and smaller holdings in his different endeavors like human mind experimental startup Neuralink).
The primary half of 2024 was largely pleasant to the world’s wealthiest—Forbes’ 10 richest folks’s collective web price jumped from $1.47 trillion on the finish of 2023 to $1.66 trillion on the finish of June—however Musk is joined by a number of different huge names as one of many few much less wealthy centibillionaires.
Europe’s richest man Bernard Arnault’s web price fell from $200.7 billion to $193.8 billion as shares of his luxurious empire LVMH declined, Mexico’s wealthiest particular person Carlos Slim Helu’s fortune sank from $105.3 billion to $91.4 billion as shares of his telecommunications colossus slipped, Nike cofounder Phil Knight, whose web price sank from $42.9 billion to $33.7 billion as Nike inventory fell to a four-year low, and philanthropist Mackenzie Scott, whose fortune stems from her shares in Amazon, skilled a $4.7 billion drop in her web price due largely to the magnitude of her charitable donations as Amazon’s inventory rallied.
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Billionaires Who Misplaced The Most In 2024’s First Half
Elon Musk, $29.9 billion poorer
Dieter Schwarz, $15.4 billion
Carlos Slim Helu & household, $13.9 billion
Zhong Shanshan, $11.3 billion
Andrew Forrest & household, $9.5 billion
Francoise Bettencourt Meyers & household, $9.4 billion
Phil Knight & household, $9.2 billion
James Ratcliffe, $7.5 billion
Bernard Arnault & household, $6.9 billion
Low Tuck Kwong, $6.7 billion
Who Received The Richest In 2024
There have been a number of main winners as inventory indexes throughout the globe, together with the U.S.’ S&P 500, Europe’s Stoxx 600, Japan’s Nikkei 225 and India’s Nifty 50, set new all-time highs. No particular person acquired richer this 12 months than Nvidia’s CEO Jensen Huang, because the chief of the Silicon Valley large acquired $64.1 billion wealthier this 12 months, leaping from the world’s Twenty seventh-wealthiest particular person to the 14th. A lot of the different high gainers have been additionally linked to corporations benefitting from the factitious intelligence increase, with Meta CEO Mark Zuckerberg (up $61.5 billion), Dell CEO Michael Dell (up $35.8 billion), Oracle chairman Larry Ellison (up $37.7 billion) and Google cofounder Larry Web page (up $33.1 billion) rounding out the highest 5. Mukesh Ambani was Asia’s greatest gainer with a $22.4 billion upswing, Amancio Ortega was Europe’s high winner with a $10.7 billion leap, Eduardo Saverin was South America’s greatest gainer with $8.1 billion in newfound riches and Aliko Dangote was Africa’s high increaser with a $3.9 billion achieve.
Massive Quantity
$99 billion. That’s how a lot much less Musk is price than he was at his peak of about $320 billion in Nov. 2021. Tesla inventory is down greater than 50% from its all-time excessive set that 12 months, a timeframe through which the S&P has gained about 22%.
Shocking Truth
The web price of the 25 richest folks aside from Elon Musk on the finish of 2023 grew by a median of $14.4 billion over the primary six months of this 12 months.