Elon Musk has lost nearly $40 billion in just 3 months – Times of India
NEW DELHI: Elon Musk saw a significant reduction in his fortune with his wealth plunging by almost 40 billion dollars since the beginning of 2024.
According to Bloomberg Billionaire’s Index, The Tesla chief executive and X (formerly Twitter) owner is now worth $189 billion. He is now at the third spot, behind Lois Vuitton Boss Bernard Arnault and Amazon’s Jeff Bezos. Bezos had overtaken Elon Musk, but was later replaced by Arnault earlier this week.
The decrease in Musk’s wealth is primarily due to Tesla‘s share price, which saw a decline of nearly 29% this year.
According to Business Insider, other factors contributing to Musk’s financial setback include a $55 billion compensation package rejection by a Delaware court and issues with his social network X, formerly known as Twitter.
Since the takeover in 2022, the social media platform has proved to increase Musk’s problems as it has struggled to retain advertisers amid controversies.
In another development, Musk said that his micro blogging website will soon launch a smart TV app for Amazon and Samsung users to make long form videos available on smart TVs.
Earlier, a Fortune report said that the app could look similar to the TV app offered by Google’s YouTube. It cited an unidentified source as saying Musk was set on competing with YouTube.
In the push to become a “video-first platform”, X has been forging partnerships with the likes of former Fox commentator Tucker Carlson and former CNN anchor Don Lemon.
According to Bloomberg Billionaire’s Index, The Tesla chief executive and X (formerly Twitter) owner is now worth $189 billion. He is now at the third spot, behind Lois Vuitton Boss Bernard Arnault and Amazon’s Jeff Bezos. Bezos had overtaken Elon Musk, but was later replaced by Arnault earlier this week.
The decrease in Musk’s wealth is primarily due to Tesla‘s share price, which saw a decline of nearly 29% this year.
According to Business Insider, other factors contributing to Musk’s financial setback include a $55 billion compensation package rejection by a Delaware court and issues with his social network X, formerly known as Twitter.
Since the takeover in 2022, the social media platform has proved to increase Musk’s problems as it has struggled to retain advertisers amid controversies.
In another development, Musk said that his micro blogging website will soon launch a smart TV app for Amazon and Samsung users to make long form videos available on smart TVs.
Earlier, a Fortune report said that the app could look similar to the TV app offered by Google’s YouTube. It cited an unidentified source as saying Musk was set on competing with YouTube.
In the push to become a “video-first platform”, X has been forging partnerships with the likes of former Fox commentator Tucker Carlson and former CNN anchor Don Lemon.
