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Elon Musk's net worth has evaporated by $75 billion this year, and the title of richest person may change hands within the year.
Golden Finance reports that Elon Musk's role as the head of the "Department of Government Efficiency" seems to have inflicted a greater blow to his wealth than expected. According to the Bloomberg Billionaires Index, Musk's wealth has shrunk by over $75 billion this year, with his net worth dropping to about $357 billion, far below the peak of over $450 billion expected by the end of 2024. The decline is mainly due to the performance of his 13% stake in Tesla. Tesla's stock price has dropped nearly 20% this year. Musk's lead as the world's richest person has been eroded by rivals: Oracle founder Larry Ellison and Meta CEO Mark Zuckerberg are closing in. Currently, the gap in net worth between Musk and Ellison is only about $54 billion. Oracle has seen explosive growth thanks to its AI strategy and cloud computing business, with its stock price rising over 50% this year, leading to a rapid increase in Ellison's wealth. If this trend continues, Musk is likely to lose the title of the world's richest person before the end of the year.