Elon Musk’s net worth dropped below $300 billion

12 US billionaires gained almost $1 trillion in wealth in 2024 as the stock market delivered another year of massive returns©Alex Wong/Getty Images

The 2024 stock market boom fueled a surge in net worth gains for America’s richest.
Elon Musk’s wealth increased by $213 billion, driven by Tesla’s stock rise after the election.
Other big gains came from Mark Zuckerberg of Meta and Jensen Huang of Nvidia.

The stock market boom in 2024 made the rich even richer, with US billionaires dominating Bloomberg’s Billionaire Index.

According to the index as of December 30, just 11 American billionaires and one billionaire family gained nearly $1 trillion in wealth. The gains were fueled by a surge in technology stocks, with the Nasdaq 100 finishing the year up about 25%.

The biggest wealth gain came from Tesla CEO Elon Musk, who saw his wealth rise a staggering $213 billion as shares of the electric vehicle maker soared following Donald Trump’s election win in November.

In fact, the wealth gained by Elon Musk this year alone is nearly equal to the net worth of the world’s second-richest person, Jeff Bezos.

All told, 11 individual billionaires and one family added $841 billion to their total wealth in 2024.

Here are the big winners.

Elon Musk’s wealth dipped below $300 billion for the first time since last year. Win McNamee/Getty Images© Win McNamee/Getty Images

Elon Musk’s wealth fell to $298 billion on Monday, according to Bloomberg’s Billionaire Index.
Musk’s wealth drop follows Tesla’s stock decline and the White House’s recent tariff announcements.
Year to date, he has lost $135 billion, according to the Bloomberg Billionaires Index.

Elon Musk’s wealth dropped below $300 billion on Monday for the first time since last year, as the impacts of recent Tesla backlash and sweeping new tariffs collided.

The richest man in the world was worth $298 billion as of market close Monday, according to the Bloomberg Billionaires Index. Since the beginning of the year, Musk’s net worth has declined nearly $135 billion, or around 31%, as calculated by the Bloomberg Billionaires Index.

It’s been a sharp turnaround for the billionaire, who just in December became the first person ever to be worth more than $400 billion. Prior to Monday, his net worth had not dipped below $300 billion since November. His net worth was $264 billion on Nov. 6, according to Bloomberg.

The slide in Musk’s net worth has been fueled by Tesla’s share price slide, with the EV maker’s stock down nearly 40% this year.

Musk and Tesla have faced significant backlash as a result of the CEO’s work in the White House, where he serves as a close advisor to President Donald Trump, especially in the administration’s push for government efficiency via the DOGE office.

Many Tesla investors and fans have expressed concern about Musk not focusing enough on the company. Last month, when Fox Business asked how he was managing his DOGE work and leading his various companies, the Tesla and SpaceX CEO said, “With great difficulty.”

Despite rumors last week that Musk was planning an exit from the White House, he and the Trump administration dismissed the rumors and did not give a timeline for his eventual departure.

Tesla and Musk’s wealth may also be affected by the sweeping tariffs announced by the Trump administration last week, which roiled financial markets. Musk, who has been largely loyal to Trump, has spoken out against tariffs.

On Saturday, he said he wanted “zero” tariffs and a “free trade zone” between the US and Europe, and on Monday, he shared a video of the economist Milton Friedman discussing the benefits of international trade.

Musk’s wealth losses do not yet put him in jeopardy of losing the title of the world’s richest person — runner-up Jeff Bezos was still trailing Musk by over $100 billion as of Monday.