On August 5th, Musk's role as the head of the "Government Efficiency Department" seems to have caused a greater impact on his wealth than expected. According to the Bloomberg Billionaires Index, so far, Musk's wealth has shrunk by over $75 billion this year, with his net worth dropping to approximately $357 billion, far below the peak of over $450 billion at the end of 2024.
The decline is mainly due to the performance of his 13% stake in Tesla. Tesla's stock price has fallen nearly 20% this year. Musk's leading advantage as the world's richest person has been eroded by competitors: Oracle founder Larry Ellison and Meta CEO Mark Zuckerberg are closing in. Currently, the wealth gap between Musk and Ellison is only about $54 billion.
Oracle has experienced explosive growth through its AI strategy and cloud computing business, with its stock price rising over 50% this year, causing Ellison's wealth to surge rapidly. If this trend continues, Musk is highly likely to lose the title of world's richest person before the end of the year. (Jinshi)
