Elon Musk remains the world's richest person, but his fortune has suffered one of the sharpest declines ever recorded after heavy selling in Tesla and SpaceX shares. According to the Bloomberg Billionaires Index, Musk's net worth has fallen below the level it stood at before SpaceX's blockbuster stock market debut. His estimated fortune has dropped from around $1.45 trillion to just over $700 billion, wiping out roughly $650 billion in paper wealth within just a few weeks. The decline follows a steep correction in SpaceX shares, which have fallen around 45% since their record-breaking IPO, while Tesla stock has dropped approximately 17% after reporting weaker-than-expected second-quarter earnings.

Elon Musk Loses Nearly $650 Billion In Weeks | Tesla And SpaceX Selloff Ends Trillionaire Status

Gautam Adani has overtaken Mukesh Ambani as Asia’s richest person in Asia, per the Bloomberg Billionaires Index. Adani ranks 19th globally with $92.6B, while Ambani is 20th with $90.8B. Let's find out who is currently at the top 10 of this list.

Adani overtakes Mukesh Ambani in Asia’s richest spot; check top 10 billionaires list globally

<p>Meta CEO Mark Zuckerberg surpasses Amazon founder Jeff Bezos to become the world's second-richest person. According to the Bloomberg Billionaires Index, Zuckerberg's net worth reached $206.2 billion in 2024, surpassing Bezos' $205.1 billion. This development comes on the heels of Meta's 70 per cent stock surge in 2024, fueled by investor confidence in AI-based technologies. Zuckerberg's wealth increased by $78 billion in 2024</p>

<p>Zuckerberg is now placed just behind Tesla &amp; SpaceX CEO Elon Musk, who boasts a net worth of over $250 billion.&nbsp;</p>

<p>Meta's substantial expenditures in AI, which have significantly increased revenue, have notably excited investors. Particularly noteworthy is Meta's achievement in 2024 following a difficult 2022, during which 21,000 people were let go as a result of Zuckerberg's cost-cutting efforts. One financial analyst remarked, "This is a huge turnaround for the company," citing how those difficult choices helped the business regain investor confidence and streamline operations.</p>

<p>Investor confidence has been further enhanced by Meta's recent release of its Orion AR glasses, which has received positive early reviews for its cutting-edge capabilities. The company's core advertising business is still strong despite spending billions on virtual and augmented reality technology. This tells investors that the company's key sources of income are secure.</p>

<p>Top 5 richest people in the world:</p>

<p>1. Elon Musk: $256 billion</p>

<p>2. Mark Zuckerberg: $206.2 billion</p>

<p>3. Jeff Bezos: $205.1 billion</p>

<p>4. Bernard Arnault: $203 billion</p>

<p>5. Warren Buffett: $121.7 billion</p>


Meta CEO Mark Zuckerberg surpasses Amazon founder Jeff Bezos to become the world's second-richest person. According to the Bloomberg Billionaires Index, Zuckerberg's net worth reached $206.

Meta CEO Mark Zuckerberg surpasses Amazon founder Jeff Bezos to become the world's second-richest person. According to the Bloomberg Billionaires Index, Zuckerberg's net worth reached $206.2 billion in 2024, surpassing Bezos' $205.1 billion. This development comes on the heels of Meta's 70 per cent stock surge in 2024, fueled by investor confidence in AI-based technologies. Zuckerberg's wealth increased by $78 billion in 2024 Zuckerberg is now placed just behind Tesla & SpaceX CEO Elon Musk, who boasts a net worth of over $250 billion. Meta's substantial expenditures in AI, which have significantly increased revenue, have notably excited investors. Particularly noteworthy is Meta's achievement in 2024 following a difficult 2022, during which 21,000 people were let go as a result of Zuckerberg's cost-cutting efforts. One financial analyst remarked, "This is a huge turnaround for the company," citing how those difficult choices helped the business regain investor confidence and streamline operations. Investor confidence has been further enhanced by Meta's recent release of its Orion AR glasses, which has received positive early reviews for its cutting-edge capabilities. The company's core advertising business is still strong despite spending billions on virtual and augmented reality technology. This tells investors that the company's key sources of income are secure. Top 5 richest people in the world: 1. Elon Musk: $256 billion 2. Mark Zuckerberg: $206.2 billion 3. Jeff Bezos: $205.1 billion 4. Bernard Arnault: $203 billion 5. Warren Buffett: $121.7 billion

Shifting crowns: Mark Zuckerberg becomes world's second-richest person, surpasses Jeff Bezos

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<p>In a first since 2020, Mark Zuckerberg surged past Elon Musk to become the third-richest person in the world according to Bloomberg's ranking. Zuckerberg and Musk's net worth is $186.9 billion and $180.6 billion respectively.</p>

<h2><strong>Musk Slips as Tesla Faces Challenges</strong></h2>

<p>The shift came after Reuters reported that Tesla Inc. had canceled plans for a less-expensive car. Though Musk denied the report, the Tesla stock took a hit. Elon Musk is currently ranked fourth on the Bloomberg Billionaires Index.</p>

<p>In contrast, with the success of Meta, Zuckerberg's wealth has grown, and&nbsp;the company stock has risen to new heights this year getting him in the top 3 for the first time since 2020.</p>

<p>This year Tesla stock has seen a 34% drop meanwhile, Meta Platforms Inc. has surged by 49%</p>

<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/technology/meta-makes-changes-on-deepfakes-and-other-altered-content-ahead-of-us-election-708328" target="_blank">Meta makes changes on deepfakes and other altered content ahead of US Presidential election</a></strong></p>

<h2><strong>Tech Dominance in Wealth Creation</strong></h2>

<p>With the AI boom in full swing, a broader trend shows that technology companies have been doing well in the market. Meanwhile, EVs (electric vehicle) stocks have seen a dip.&nbsp;</p>

<h2><strong>Beyond Wealth: A Public Rivalry</strong></h2>

<p>Elon Musk and Mark Zuckerberg's rivalry beyond business is well known. They both have gotten into public disputes from time to time. Last year, Musk even challenged the Meta CEO to a public boxing match, which did not happen. This came after Meta launched Threads which is a direct competitor to Elon Musk-owned Twitter, now X.</p>

<h2><strong>Who are the two richest persons according to the Bloomberg Billionaires Index</strong></h2>

<p>At the top spot in the Bloomberg Billionaires Index is Bernard Arnault the chairman of LVMH Moet Hennessy Louis Vuitton with a total fortune of $207.3 billion. Jeff Bezos the founder of Amazon.com Inc. is the second wealthiest man with a total fortune of $207.3 billion.</p>


In a first since 2020, Mark Zuckerberg surged past Elon Musk to become the third-richest person in the world according to Bloomberg's ranking. Zuckerberg and Musk's net worth is $186.

In a first since 2020, Mark Zuckerberg surged past Elon Musk to become the third-richest person in the world according to Bloomberg's ranking. Zuckerberg and Musk's net worth is $186.9 billion and $180.6 billion respectively. Musk Slips as Tesla Faces Challenges The shift came after Reuters reported that Tesla Inc. had canceled plans for a less-expensive car. Though Musk denied the report, the Tesla stock took a hit. Elon Musk is currently ranked fourth on the Bloomberg Billionaires Index. In contrast, with the success of Meta, Zuckerberg's wealth has grown, and the company stock has risen to new heights this year getting him in the top 3 for the first time since 2020. This year Tesla stock has seen a 34% drop meanwhile, Meta Platforms Inc. has surged by 49% Also read: Meta makes changes on deepfakes and other altered content ahead of US Presidential election Tech Dominance in Wealth Creation With the AI boom in full swing, a broader trend shows that technology companies have been doing well in the market. Meanwhile, EVs (electric vehicle) stocks have seen a dip. Beyond Wealth: A Public Rivalry Elon Musk and Mark Zuckerberg's rivalry beyond business is well known. They both have gotten into public disputes from time to time. Last year, Musk even challenged the Meta CEO to a public boxing match, which did not happen. This came after Meta launched Threads which is a direct competitor to Elon Musk-owned Twitter, now X. Who are the two richest persons according to the Bloomberg Billionaires Index At the top spot in the Bloomberg Billionaires Index is Bernard Arnault the chairman of LVMH Moet Hennessy Louis Vuitton with a total fortune of $207.3 billion. Jeff Bezos the founder of Amazon.com Inc. is the second wealthiest man with a total fortune of $207.3 billion.

Meta CEO Mark Zuckerberg's wealth tops rival Elon Musk for first time since 2020

<p>Billionaires including Elon Musk, Jeff Bezos, Mark Zuckerberg, Bernard Arnault, and Changpeng Zhao have lost billions in the first half of 2022.</p>

<p>The dizzying decline that marks the steepest six-month drop ever for the global billionaire class adversely affected the world’s 500 richest people.</p>

<p>In the wake of the Covid-19 pandemic, governments and central banks unleashed unprecedented stimulus measures but the present erosion of wealth is a sharp departure from the previous two years.</p>

<p>Although billionaires made a fortune during the pandemic, they are now losing altitude fast with policymakers now raising interest rates to combat elevated inflation.</p>

<p>With policymakers now raising interest rates to combat elevated inflation, Tesla Inc. had its worst quarter ever in the three months through June.</p>

<p>According to the Bloomberg Billionaires Index, Musk is the wealthiest man on the planet with a net worth of $208.5 billion followed by Amazon’s Bezos with a $129.6 billion net worth and Bernard Arnault with a $128.7 billion fortune.</p>

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<p>Thorne Perkin, president of Papamarkou Wellner Asset Management, told Bloomberg that the billionaire class has amassed so much wealth in recent years that they can withstand the worst first half since 1970 for the S&amp;P 500 Index.</p>

<p>“Often their mindset is a bit more contrarian. A lot of our clients look for opportunities when there’s trouble in the streets,”&nbsp;Perkin said.&nbsp;</p>

<p>Global stock markets have plunged after Russia's invasion of Ukraine but amid the fallout Moscow's wealthiest man Vladimir Potanin with a $35.2 billion fortune, acquired Societe Generale SA’s entire position in Rosbank PJSC.</p>

<p>After the app-based brokerage’s share price tumbled 77 per cent from its hotly anticipated initial public offering last July, Sam Bankman-Fried, chief executive officer of crypto exchange FTX, bought a 7.6 per cent stake in Robinhood Markets Inc.</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>Watch WION's live TV here:</strong></p>

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Billionaires including Elon Musk, Jeff Bezos, Mark Zuckerberg, Bernard Arnault, and Changpeng Zhao have lost billions in the first half of 2022. The dizzying decline that marks the steepest six-month drop ever for the global billionaire class adversely affected the world’s 500 richest people.

Billionaires including Elon Musk, Jeff Bezos, Mark Zuckerberg, Bernard Arnault, and Changpeng Zhao have lost billions in the first half of 2022. The dizzying decline that marks the steepest six-month drop ever for the global billionaire class adversely affected the world’s 500 richest people. In the wake of the Covid-19 pandemic, governments and central banks unleashed unprecedented stimulus measures but the present erosion of wealth is a sharp departure from the previous two years. Although billionaires made a fortune during the pandemic, they are now losing altitude fast with policymakers now raising interest rates to combat elevated inflation. With policymakers now raising interest rates to combat elevated inflation, Tesla Inc. had its worst quarter ever in the three months through June. According to the Bloomberg Billionaires Index, Musk is the wealthiest man on the planet with a net worth of $208.5 billion followed by Amazon’s Bezos with a $129.6 billion net worth and Bernard Arnault with a $128.7 billion fortune. × Thorne Perkin, president of Papamarkou Wellner Asset Management, told Bloomberg that the billionaire class has amassed so much wealth in recent years that they can withstand the worst first half since 1970 for the S&P 500 Index. “Often their mindset is a bit more contrarian. A lot of our clients look for opportunities when there’s trouble in the streets,” Perkin said. Global stock markets have plunged after Russia's invasion of Ukraine but amid the fallout Moscow's wealthiest man Vladimir Potanin with a $35.2 billion fortune, acquired Societe Generale SA’s entire position in Rosbank PJSC. After the app-based brokerage’s share price tumbled 77 per cent from its hotly anticipated initial public offering last July, Sam Bankman-Fried, chief executive officer of crypto exchange FTX, bought a 7.6 per cent stake in Robinhood Markets Inc. (With inputs from agencies) Watch WION's live TV here:

Musk, Bezos, Zuckerberg among billionaires who lost $1.4 trillion in first half of 2022

<p>The wealth of Asia's 20 richest families has increased $33 billion richer in the last two years as per the Bloomberg Billionaires Index.</p>

<p>In a new report, Bloomberg has highlighted how the wealthiest clans of the region are shifting their focus towards e-commerce, technology and cryptocurrency.</p>

<p>Their combined wealth now exceeds $495 billion, more than the gross domestic product of Hong Kong or Singapore. These dynasties include the Ambanis, Hartonos, and Mistrys among others.</p>

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<p>Indian oil-to-telecoms giant Reliance Industries reported quarterly earnings that beat analyst estimates, helped by higher crude oil prices and a strong recovery across its diversified businesses.</p>

<p>The conglomerate, which is owned by Asia's richest man, Mukesh Ambani, reported a net profit of 185.5 billion rupees ($2.5 billion) between October and December, 42 percent higher than the same period last year.</p>

<p>The Birla and Bajaj dynasties behind two of India’s biggest conglomerates also debuted on the ranking, signaling the relative strength of the nation’s economy.</p>

<p><strong><a href="https://www.wionews.com/world/covid-spawned-20-new-pandemic-billionaires-in-asia-says-oxfam-report-444734">Also read |&nbsp;Covid spawned 20 new ‘pandemic billionaires’ in Asia, says Oxfam report</a></strong></p>

<p>A controversial name on the list is Tang Xiao’ou, who is the founder of SenseTime, an artificial intelligence company blacklisted by the United States over accusations of aiding genocide in Xinjiang.</p>

<p>It raised HK$5.78 billion ($741 million) selling 1.5 billion shares at HK$3.85 per share, the bottom of its price range, according to Bloomberg.</p>

<p>The sale boosted the wealth of &nbsp;Tang Xiao'ou, with the Massachusetts Institute of Technology alum's wealth jumping by $500 million to roughly $3.9 billion, according to the Bloomberg Billionaires Index.</p>

<p><strong><a href="https://www.wionews.com/business-economy/wealth-rise-of-651-us-billionaires-alone-could-pay-more-than-latest-stimulus-report-348913">Also read |&nbsp;Wealth rise of 651 US billionaires alone could pay more than latest stimulus: Report</a></strong></p>

<p>Meanwhile, Adrian Cheng, whose family is worth about $23 billion, has suffered massive loss and dropped several positions on the list after his firm New World Development Co., one of Hong Kong’s largest property builders, have tanked more than 40 per cent since a high less than three years ago.</p>

<p>Authorities have been clamping down in Hong Kong under a national security law imposed by Beijing in 2020 that some foreign governments, including the United States, say is being used to suppress civil society, jail democracy campaigners and silence dissent.</p>

<p>“Many tycoons in traditional businesses have seen their businesses could be disrupted by tech firms they never heard of,” said Kevin Au, the director for the Centre for Family Business at the Chinese University of Hong Kong.&nbsp;</p>

<p>“They know that if they don’t react quickly enough, they could be taken over.”</p>

<p><em>(With inputs from agencies)&nbsp;</em></p>


The wealth of Asia's 20 richest families has increased $33 billion richer in the last two years as per the Bloomberg Billionaires Index. In a new report, Bloomberg has highlighted how the wealthiest clans of the region are shifting their focus towards e-commerce, technology and cryptocurrency.

The wealth of Asia's 20 richest families has increased $33 billion richer in the last two years as per the Bloomberg Billionaires Index. In a new report, Bloomberg has highlighted how the wealthiest clans of the region are shifting their focus towards e-commerce, technology and cryptocurrency. Their combined wealth now exceeds $495 billion, more than the gross domestic product of Hong Kong or Singapore. These dynasties include the Ambanis, Hartonos, and Mistrys among others. Indian oil-to-telecoms giant Reliance Industries reported quarterly earnings that beat analyst estimates, helped by higher crude oil prices and a strong recovery across its diversified businesses. The conglomerate, which is owned by Asia's richest man, Mukesh Ambani, reported a net profit of 185.5 billion rupees ($2.5 billion) between October and December, 42 percent higher than the same period last year. The Birla and Bajaj dynasties behind two of India’s biggest conglomerates also debuted on the ranking, signaling the relative strength of the nation’s economy. Also read | Covid spawned 20 new ‘pandemic billionaires’ in Asia, says Oxfam report A controversial name on the list is Tang Xiao’ou, who is the founder of SenseTime, an artificial intelligence company blacklisted by the United States over accusations of aiding genocide in Xinjiang. It raised HK$5.78 billion ($741 million) selling 1.5 billion shares at HK$3.85 per share, the bottom of its price range, according to Bloomberg. The sale boosted the wealth of Tang Xiao'ou, with the Massachusetts Institute of Technology alum's wealth jumping by $500 million to roughly $3.9 billion, according to the Bloomberg Billionaires Index. Also read | Wealth rise of 651 US billionaires alone could pay more than latest stimulus: Report Meanwhile, Adrian Cheng, whose family is worth about $23 billion, has suffered massive loss and dropped several positions on the list after his firm New World Development Co., one of Hong Kong’s largest property builders, have tanked more than 40 per cent since a high less than three years ago. Authorities have been clamping down in Hong Kong under a national security law imposed by Beijing in 2020 that some foreign governments, including the United States, say is being used to suppress civil society, jail democracy campaigners and silence dissent. “Many tycoons in traditional businesses have seen their businesses could be disrupted by tech firms they never heard of,” said Kevin Au, the director for the Centre for Family Business at the Chinese University of Hong Kong. “They know that if they don’t react quickly enough, they could be taken over.” (With inputs from agencies)

Wealth of Asia's 20 richest families has increased by $33 billion since 2020