This year, Musk's net worth evaporated by $75 billion, and he may no longer be the richest person in the world by the end of the year.

Elon Musk's appointment as head of the "Government Efficiency Department" seems to have had a bigger impact on his wealth than expected. According to the Bloomberg Billionaires Index, Musk's fortune has shrunk by over $75 billion so far this year, with a net worth of around $357 billion, far below the peak of over $450 billion at the end of 2024. The decline is mainly attributed to the performance of his 13% stake in Tesla, whose stock price has fallen by nearly 20% this year. Musk's lead as the world's richest person is being eroded by competitors: Oracle co-founder Larry Ellison and Meta CEO Mark Zuckerberg are closing in. Currently, Musk's wealth is only about $54 billion more than Ellison's. Oracle has seen explosive growth thanks to its AI strategy and cloud computing business, with its stock price surging by over 50% this year, leading to a rapid increase in Ellison's wealth. If this trend continues, Musk is highly likely to lose the title of the world's richest person before the end of the year.