Tesla CEO Elon Musk’s fortune tumbled by more than $17 billion on Wednesday, July 24, per Forbes estimates.
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Sliding stocks on Wednesday took a huge divot out of the fortunes of the world’s ultra-rich. Altogether, the planet’s ten wealthiest people lost nearly $66 billion in a day, as shares of Tesla, Alphabet, Meta and more tumbled.
Big tech stocks were hit particularly hard following the release of second quarter earnings reports late Tuesday by Tesla and Alphabet, both of which disappointed investors.
The biggest loser of the day was Tesla CEO Elon Musk. His fortune fell by $17.1 billion to $231 billion as the result of a 12% decline in shares of the electric vehicle manufacturer. Despite the big loss, Musk still holds onto his title as the world’s richest person, maintaining a $33 billion lead over number two richest, Amazon chairman Jeff Bezos, who lost $5.2 billion as Amazon shares fell nearly 3%.
Industries beyond tech were not immune to the downturn. Shares of French luxury goods behemoth LVMH dropped 4.6% following the release of its second quarter earnings, which missed analysts revenue estimates. That led to an $8.4 billion loss for LVMH Chairman and CEO Bernard Arnault, the world’s third richest person.
Here’s how much each of the world’s ten richest people lost on Wednesday:
WASHINGTON, DC – MARCH 09: Elon Musk, founder and chief engineer of SpaceX speaks at the 2020 Satellite Conference and Exhibition March 9, 2020 in Washington, DC. Musk answered a range of questions relating to SpaceX projects during his appearance at the conference. (Photo by Win McNamee/Getty Images)
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Elon Musk
Company: TeslaDrop: $17.1 Billion
Net Worth: $231.6 Billion
Musk, who spent part of Wednesday at the U.S. Capitol listening to Israeli Prime Minister Benjamin Netanyahu’s address to Congress, led the individual losses with a net worth drop of $17.1 billion. Late Tuesday, Tesla reported a 45% drop in profits in the second quarter, more than analysts had expected. More than half of Musk’s fortune lies in his Tesla stake.
Jeff Bezos
WASHINGTON, DC – DECEMBER 14: Jeff Bezos arrives at “The Post” Washington, DC Premiere at The Newseum on December 14, 2017 in Washington, DC. (Photo by Leigh Vogel/Getty Images)
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Company: Amazon
Drop: $5.2 Billion
Net Worth: $198.6 Billion
Amazon’s stock seems to have been swept up in a bigger tech downdraft on Wednesday. The e-commerce giant will release its second quarter earnings next week, on August 1. The 2.99% drop in Amazon stock resulted in a $5.2 billion loss on the day for the Amazon founder and chairman. Bezos is still the world’s second richest person, according to Forbes. The 2.5% decline in his fortune isn’t likely to dent his lifestyle.
Bernard Arnault
PARIS, FRANCE – FEBRUARY 25: Bernard Arnault, wearing a blue blazer, grey pants, blue scarf, blue tie and white shirt, is seen outside Dior, during Paris Fashion Week – Womenswear Fall/Winter 2020/2021 : Day Two on February 25, 2020 in Paris, France. (Photo by Claudio Lavenia/Getty Images)
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Company: LVMH
Drop: $8.4 Billion
Net Worth: $181.8 Billion
Second quarter results for French luxury goods group LVMH, which were released on Tuesday, missed analysts’ expectations for sales growth. Revenue for the group rose 1% in the quarter to 20.98 billion Euro, below estimates of 21.6 billion Euro. Shares of LVMH fell as much as 6% on Wednesday but ended the day down nearly 4.7% on the Paris stock exchange, shaving $8.4 billion off the fortune of Arnault, who serves as Chairman and CEO. The luxury group’s 75 brands include Louis Vuitton, Dior, Bulgari, Sephora and Tiffany & Co. Arnault, whose net worth is largely tied up in LVMH stock, was the third biggest loser of the day.
Larry Ellison
LOS ANGELES, CALIFORNIA – OCTOBER 24: Larry Ellison attends the Rebels With A Cause Gala 2019 at Lawrence J Ellison Institute for Transformative Medicine of USC on October 24, 2019 in Los Angeles, California. (Photo by Phillip Faraone/Getty Images)
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Company: Oracle
Drop: $6 Billion
Net Worth: $171.2 Billion
Ellison, the chief technology officer and cofounder of software giant Oracle, is still the world’s fourth richest person despite a $6 billion decline in his fortune on Wednesday. Oracle announced its fiscal fourth quarter earnings last month; its stock dropped 3% amid a downdraft in the tech sector.
Mark Zuckerberg
WASHINGTON, DC – JANUARY 31: Mark Zuckerberg, CEO of Meta testifies before the Senate Judiciary Committee at the Dirksen Senate Office Building on January 31, 2024 in Washington, DC. The committee heard testimony from the heads of the largest tech firms on the dangers of child sexual exploitation on social media. (Photo by Alex Wong/Getty Images)
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Company: Meta
Drop: $9.5 Billion
Net Worth: $161.9 Billion
If losing money was an Olympic sport, Meta CEO Mark Zuckerberg would win silver today after a 5.6% drop in Meta shares left him down $9.5 billion at the market close. Despite the drop, he held onto his spot as the world’s fifth richest person. Zuckerberg, whose 13% ownership of Meta (parent of Facebook, Instagram and WhatsApp) accounts for the vast majority of his net worth, is at age 40 the youngest among the world’s ten richest people.
Larry Page
INDIA – OCTOBER 13: Sergey Brin with Larry Page, Co President, Google, at office, in Bangalore, india. (Photo by Deepak G Pawar/The The India Today Group via Getty Images)
The India Today Group via Getty Images
Company: Alphabet
Drop: $7.2 Billion
Net Worth: $143.1 Billion
Sergey Brin
Company: Alphabet
Drop: $6.7 Billion
Net Worth: $137.1 Billion
The combination of slower ad-sales growth in the second quarter and billions of dollars in ongoing spending on AI led investors to sell shares of Alphabet on Wednesday, following the release of otherwise strong earnings on Tuesday. Page and Brin, the two Google cofounders, lost a combined $13.9 billion on Wednesday as Alphabet shares fell just over 5%.
Warren Buffett
SQUAWK BOX — Pictured: Warren Buffett, chairman and CEO of Berkshire Hathaway, and consistently ranked among the world’s wealthiest people, in an interview with Squawk Box on February 29, 2016 — (Photo by: Lacy O’Toole/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images)
NBCU Photo Bank/NBCUniversal via Getty Images
Company: Berkshire Hathaway
Drop: $312 Million
Net Worth: $136.4 Billion
Compared to the others in the top ten richest, Buffett had a pretty good day. Berkshire Hathaway’s Class A shares fell just 0.2% on Wednesday, shaving a bit more than $300 million off his fortune. For a guy worth more than $136 billion, that’s peanuts.
Bill Gates
REDMOND, : Bill Gates (R), chairman of Microsoft, and Steve Ballmer (L), ceo and president of Microsoft, talk to members of the media during Forum 2000 at Microsoft headquarters 22 June 2000 in Redmond, Washington. Gates unveiled Microsoft’s vision for the next generation of the Internet, called “.Net” software. The new software will provide easier and more productive internet experiences using smart devices such as the tablet PC and web sites with advanced software internet protocols and formats. AFP PHOTO/Jeff Christensen (Photo credit should read JEFF CHRISTENSEN/AFP via Getty Images)
AFP via Getty Images
Company: Microsoft
Drop: $1.7 Billion
Net Worth: $132.6 Billion
Steve Ballmer
Company: Microsoft
Drop: $3.8 Billion
Net Worth: $126.4 Billion
The fortunes of Microsoft cofounder Gates and its former CEO Ballmer got nicked by the nearly 3.6% drop in Microsoft shares on Wednesday. The software and computing giant is slated to report its quarterly earnings on July 30.
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