“Elon Musk’s Wealth Takes a Hit: Tesla’s Struggles Lead to a $40 Billion Plummet in Net Worth”

Image Source:- CNBC

In 2024, Elon Musk finds himself in third place behind Bernard Arnault, the head of Louis Vuitton, and Jeff Bezos of Amazon, with respective net worths of $197 billion and $196 billion. Musk’s $40 billion loss in wealth stems from Tesla’s struggles, evidenced by a 29% decline in its share price since the beginning of the year.

This decline notably impacts Musk, given his substantial 21% stake in the company. Meanwhile, Musk’s social media venture, formerly known as Twitter and now rebranded as X, faces challenges in retaining advertisers amid ongoing controversies.

Despite this, Musk is pushing forward with plans to launch a smart TV app for Amazon and Samsung users, aiming to offer long-form videos directly on smart TVs. Reports suggest Musk is keen on positioning X as a competitor to YouTube, forging partnerships with prominent figures like Tucker Carlson and Don Lemon.

Additionally, Musk’s ambitions extend to competing with platforms like Twitch, Signal, and Reddit, aiming to establish X as a video-centric platform with wide-ranging capabilities.

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Author:- Apoorva Arora