Elon Musk, the renowned entrepreneur and CEO of Tesla, has experienced a staggering decline of $40 billion in his net worth in 2024, marking one of the most significant setbacks among the world’s top 10 wealthiest individuals. Formerly holding the title of the world’s richest person, Musk now occupies the third position on the wealth list, with a reported net worth of $189 billion, according to the Bloomberg Billionaire Index released on Saturday.

The current leader of the rankings is Bernard Arnault, the head of Louis Vuitton, with a net worth of $201 billion, followed closely by Amazon founder Jeff Bezos with $198 billion. Bezos briefly surpassed Musk to claim the top spot earlier in the week before being overtaken by Arnault subsequently.

A considerable portion of Musk’s wealth is derived from his 21 percent ownership stake in Tesla. However, the declining share prices of Tesla have significantly impacted his overall net worth. Since the beginning of the year, Tesla’s shares have witnessed a decrease of over 29% in value, contributing to Musk’s substantial decline in net worth.

The fluctuations in Musk’s net worth highlight the volatility inherent in the stock market and the influence of company performance on individual fortunes. Despite the setback, Musk remains a prominent figure in the business world, with his ventures continuing to shape various industries and technologies.