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Elon Musk loses $40 billion of wealth in early 2024

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Elon Musk's $40 billion wealth wiped off in the beginning of 2024

In the beginning of 2024, Elon Musk’s net worth has taken a major hit, plunging by nearly $40 billion this year, as reported by Bloomberg Billionaire’s Index. The CEO of Tesla and owner of X (formerly Twitter) is now valued at $189 billion, sliding him to the third spot behind Louis Vuitton chief Bernard Arnault and Amazon’s Jeff Bezos.

The significant decline in Musk’s wealth is largely attributed to the decreasing share price of Tesla, which has dropped by 29 percent so far this year, according to Business Insider. Musk’s main source of wealth stems from his 21 percent stake in Tesla.

Moreover, Musk’s social media platform X, which rebranded from Twitter following his acquisition in 2022, has faced challenges in retaining advertisers due to ongoing controversies since 2022. Despite this, Musk announced that X will be launching a smart TV app for Amazon and Samsung users to enable viewing long-form videos on smart TVs.

Furthermore, Musk is determined to make X a video-first platform by forging partnerships with prominent figures like Tucker Carlson and Don Lemon. Additionally, Musk aims to compete with other services such as Twitch, Signal, and Reddit, as reported by Fortune.

With the ongoing fluctuations in Musk’s wealth and his ambitious plans for X, it will be interesting to see how he navigates these challenges and propels his ventures forward in the competitive market.

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