Elon Musk, currently the second richest man in the world as per Forbes, has suffered a substantial loss in his net worth during the first half of 2024. Reports from Hindustan Times citing Forbes’ estimations indicate that Musk lost over Rs 249638 crore, bringing his current net worth down to Rs 1628410 crore. This decline reflects a drop from $251.3 billion to $221.4 billion between December 31, 2023, and June 28, 2024, marking the most significant loss among all billionaires globally.
Despite this setback, Tesla stockholders recently overwhelmingly approved a $56 billion pay package (now valued at $44.9 billion) for Musk, the company’s CEO. This approval also included reincorporating Tesla in Texas, shifting it from Delaware. The Tesla board secured a 73% vote in favor of Musk’s 2018 pay package. However, Tesla’s stock price has plummeted by nearly 25% this year, contributing to the decrease in Musk’s overall net worth. This downturn highlights the volatility of the stock market and the potential impact on individual wealth, even for those at the pinnacle of the business world.
