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It has been a week of highs and lows for multibillionaire Elon Musk, whose net worth plummeted 10.83 per cent — or $29 billion — to $239.2bn overnight after shares in his electric-vehicle maker Tesla plunged 12 per cent in New York trading, wiping about $126bn off the company's value, according to the Forbes Real-Time Billionaires List.
Tesla investors are concerned Mr Musk may have to sell shares to complete his $44bn takeover of Twitter, which was approved by the social media company's board of directors this week, Bloomberg reported on Wednesday.
On Tuesday, the 50-year-old founder and chief executive of Tesla and rocket company SpaceX had a net worth of $268.2bn, the Forbes data showed.
However, it isn't the first time Mr Musk's net worth has taken a beating.
On November 14, Mr Musk lost a record $50bn after Tesla shares plunged two days in a row.
“It is the biggest two-day decline in the history of the Bloomberg Billionaires Index and the highest one-day fall after [Amazon founder] Jeff Bezos’s $36bn decline after his divorce from MacKenzie Scott in 2019,” Bloomberg reported at the time.
Just two weeks earlier, on October 28, 2021, Mr Musk became the first person on the planet to be worth more than $300bn, with a personal fortune of $302bn, according to the Bloomberg Billionaires Index.
The drop in Mr Musk's current net worth narrows his lead over Mr Bezos — the world's second-richest person with a personal fortune of $165.2bn — to $74bn.
The Canadian-American businessman, who was born in South Africa and has seven children, owns about 17 per cent of Tesla, a February 2021 regulatory filing showed.
His stake in privately held SpaceX is valued at about $40.3bn, figures compiled by Bloomberg show.
Mr Musk made his first millions in the 1990s, when he sold his first company, Zip2, for more than $300 million. He then launched X.com, an online payment system that eventually became PayPal, which he sold to eBay for $1.5bn in 2002.
Meanwhile, Tesla’s stock price plunge comes amid a broader sell-off in equity markets around the world due to slower economic expansion and persistent inflation, according to Bloomberg.
This means Mr Musk wasn't the only billionaire to lose a sizeable slice of his personal fortune overnight, with the net worth of eight of the world's top 10 richest billionaires also falling a combined $51.7bn, according to the Forbes data.
However, there were two wealth-gainers in the top 10 list.
Self-made billionaire and Adani Group chairman Gautam Adani, now the world's fifth-richest person, added $4.7bn, or 3.86 per cent, to his net worth of $126.6bn, while Reliance Industries chairman Mukesh Ambani climbed two places in the Forbes Real-Time Billionaires List to become the seventh-richest person on the planet with a net worth of $105.6bn, up $4bn, or 3.94 per cent.
Top 10 richest people in the world
- Elon Musk: $239.2bn
- Jeff Bezos: $165.2bn
- Bernard Arnault: $157.4bn
- Bill Gates: $129.4bn
- Gautam Adani: $126.6bn
- Warren Buffett: $119.8bn
- Mukesh Ambani: $105.6bn
- Larry Ellison: $103.8bn
- Larry Page: $102bn
- Sergey Brin: $98.1bn
Source: Forbes Real-Time Billionaires List
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World's top 10 richest women in 2022 — in pictures
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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PREMIER LEAGUE RESULTS
Bournemouth 1 Manchester City 2
Watford 0 Brighton and Hove Albion 0
Newcastle United 3 West Ham United 0
Huddersfield Town 0 Southampton 0
Crystal Palace 0 Swansea City 2
Manchester United 2 Leicester City 0
West Bromwich Albion 1 Stoke City 1
Chelsea 2 Everton 0
Tottenham Hotspur 1 Burnley 1
Liverpool 4 Arsenal 0
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More on Quran memorisation:
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
COMPANY%20PROFILE%20
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
UAE currency: the story behind the money in your pockets
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The 10 Questions
- Is there a God?
- How did it all begin?
- What is inside a black hole?
- Can we predict the future?
- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
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