Musk remains the richest person in the world despite losing 52 billion USD in net worth

Elon Musk, CEO of Tesla, remains the richest person in the world despite losing $52 billion in net worth this year due to the decline in Tesla’s stock. On October 25th, ( local time), CNN reported that according to the Bloomberg Billionaires Index, while Musk’s net worth dropped by $5.2 billion last week and significantly decreased by $52 billion since the beginning of the year, he still maintains the top position as the richest person in the world. Musk’s total net worth is $380 billion, which is $144 billion higher than Mark Zuckerberg, the CEO of Meta, who ranks second. Musk’s asset decline is believed to be due to the sharp drop in Tesla’s stock. Tesla’s stock has fallen by over 20% in the past month and dropped 8% in just one day (on 25). Tesla’s market capitalization has dropped below $1 trillion for the first time since November last year. Weak sales in the European market also negatively affect Tesla. According to the European Automobile Manufacturers Association, Tesla’s sales are showing an unprecedented decline, and while electric vehicles are still popular in Europe, Tesla’s sales have dropped by nearly half last month. Analysis shows that this is not related to Musk’s political moves. By expressing support for far-right parties in Germany and the UK, Musk is believed to have sparked resentment towards Tesla in Europe. In addition, intensifying competition with BYD in China and slowing growth in electric vehicle demand in the US are seen as reasons for Tesla’s poor sales performance. Musk, Tesla’s largest shareholder, has seen his net worth increase by $83 billion since the US presidential election in November last year. As Musk’s influence grows under Trump’s second term, investors predict that loosening regulations will benefit Tesla. Tesla’s stock has soared and the value of its other companies including SpaceX, Neuralink, xAI, and The Boring Company has also risen. Musk oversees the Department of Government Efficiency (DOGE) and has implemented significant layoffs and restructuring, including thousands of federal government layoffs.