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HomeNewsElon Musk's $40 billion wealth wiped off in the beginning of 2024

Elon Musk’s $40 billion wealth wiped off in the beginning of 2024

Mar 09, 2024 12:47 PM IST

Elon Musk is currently on the third spot, behind Louis Vuitton boss Bernard Arnault and Amazon’s Jeff Bezos.

Elon Musk’s net worth has tanked by almost $40 billion this year, according to Bloomberg Billionaire’s Index. The Tesla chief executive and X (formerly Twitter) owner is now worth $189 billion.

Tesla CEO Elon Musk (Reuters)
Tesla CEO Elon Musk (Reuters)

He is currently on the third spot, behind Louis Vuitton boss Bernard Arnault and Amazon’s Jeff Bezos. Earlier this week, Bezos had overtaken Elon Musk, but he was later replaced by Arnault. 

While the Louis Vuitton chief is worth $197 billion, Bezos is worth $196 billion. The decline in Musk’s wealth is due to Tesla’s depleting share price, which is down by 29 per cent this year so far, Business Insider reported. A majority of Musk’s wealth comes from his 21 per cent stake in Tesla.

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Social media platform Twitter, which was renamed as X following Musk’s takeover in 2022, has proved to be a big headache for him. It has struggled to retain advertisers amid controversies ever since 2022.

In another development, Musk said X will launch a smart TV app for Amazon and Samsung users to make long form videos available on smart TVs, Reuters reported.

“Coming soon,” Musk said in a brief response on X to a user’s posting that the platform’s long-form videos could be watched directly on smart TVs.

He has been forging partnerships with the likes of former Fox commentator Tucker Carlson and former CNN anchor Don Lemon in a bid to make X a video first platform. 

ALSO READ: Elon Musk says X could soon receive payment licenses in New York, California

Live-streaming platform Twitch, the encrypted messaging app Signal, and the social media forum Reddit are among some of the other services that Musk aims to compete with, a Fortune report had stated.

(With Reuters inputs)

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