Elon Musk loses $40 billion in 2024 — will he no longer be billionaire?

Elon Musk, the owner of Tesla and X, has lost $40 billion of his net worth in 2024, which is regarded as a crucial fall amongst the world's top 10 rich list.

Musk was once the richest man in the world, however, now he ranks at the third place with a net worth of $189 billion, as per the Bloomberg Billionaire Index on Saturday.

The top place is held by Louis Vuitton's Bernard Arnault with a net worth of $201 billion. After him, the second place is designated for Jeff Bezos with $198 billion net worth.

Musk was defeated by Bezos as the latter became the richest man earlier this week, however, he was also replaced by Arnault.

The 21% Tesla shares contribute towards a major chunk of Elon Musk's wealth. However, the falling share prices have severely impacted his net worth.

Tesla experienced a share-decline of 29%, as the company had disappointing sales in China earlier this week. Moreover, Tesla's factory near Berlin stopped production after witnessing a sabotage.

The recent setbacks for Musk also include a court order striking down his $55 billion pay package at Tesla.

In addition, a court order striking down Musk's $55 billion pay package at Tesla also decreased his wealth.