Elon Musk is no longer the world’s richest person as his net worth has decreased by nearly $40 billion this year, according to Bloomberg Billionaires Index. The Tesla CEO has been surpassed by Amazon.com founder Jeff Bezos, while Bernard Arnault of Louis Vuitton currently holds the top position with a net worth of $201 billion.
Musk’s wealth decline is linked to the falling share price of Tesla, which has dropped by 29% this year and is down 50% from its peak in 2021. The majority of Musk’s wealth comes from his 21% stake in Tesla.
Tesla reported lower-than-expected sales in Shanghai, China, and faced production disruptions at its Berlin factory due to sabotage, impacting its stock prices. Musk also faced setbacks, including a court order nullifying his $55 billion pay package at Tesla.
In other news, Musk announced that long-form videos would soon be available on smart televisions. This comes as Tesla’s social network, X, plans to launch a TV app for Amazon and Samsung users. Musk aims to turn X into a super app offering various services, including messaging and peer-to-peer payments. Despite controversies and challenges with retaining advertisers since Musk’s acquisition in 2022, X continues to expand its features, including video ads and partnerships with figures like Tucker Carlson and Don Lemon.
