Lates News

Elon Musk's appointment as head of the "Department of Government Efficiency" seems to have had a bigger impact on his wealth than expected. According to the Bloomberg Billionaires Index, Musk's wealth has decreased by over $75 billion so far this year, with his net worth dropping to around $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, 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 is only about $54 billion ahead of Ellison in terms of wealth. Oracle's explosive growth in AI strategy and cloud computing business has led to a more than 50% increase in stock price this year, rapidly boosting Ellison's wealth. If this trend continues, Musk is highly likely to lose the title of the world's richest person by the end of the year.