However, Musk's net worth has plunged by about $166 billion since then to $174 billion at Wednesday's close. The key driver has been Tesla stock, which has tumbled from a split-adjusted peak of $415 in 2021 to $155 — a 62% decline.
The share-price slump has slashed Tesla's market capitalization from north of $1.2 trillion to below $490 billion. Musk's net worth has taken a big hit from the decline because his 13% stake in the automaker makes up a big chunk of his wealth.
Musk's start to this year has also been dismal relative to his peers in the 12-digit club. He topped the Bloomberg rich list with a $229 billion fortune in January, but his net worth has crashed by $55 billion, or 24%, since then.
Moreover, Musk is the only one of the world's 13 richest people whose net worth has declined this year. He's lost more money on paper than anyone on the list has gained, including Zuckerberg who's up almost $50 billion.
Tesla's stock has tumbled in recent months due to mounting concerns about the company. Musk told employees over the weekend that more than 10% of the company's global workforce would be laid off, signaling demand for EVs is faltering.
Musk's fortune isn't completely tied to Tesla. He also owns an estimated 42% stake in SpaceX, the space exploration company valued at $180 billion in December, and a roughly 79% stake in X after he acquired Twitter in 2022 and rebranded it last year.
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