Elon Musk Net Worth Drops Below Mark Zuckerberg

Elon Musk, the Chief Executive Officer and Founder of Tesla Inc, net worth declined by $8.49 billion on Thursday to $96.2 billion following the largest plunge in equities value in the last three months over investors’ concerns about the high unrealistic valuations.

The top 10 richest people had about $44 erased from their collective net worth with Jeff Bezos losing $8.95 billion to $198 billion. While Bill gates remained the second wealthiest with a $2.85 billion decline in his net worth to $124 billion.

Mark Zuckerberg regained his third place from Elon Musk that dropped to the fourth place after $8.49 billion was erased from his total net worth.

The net worth of tech billionaires surged by the most this year due to the COVID-19 lockdown that forced people to embrace the web and other online portals for their daily needs and business operations.

Bezos’s net worth has risen by $83 billion from the beginning of the year to date. While Bill Gates recorded the lowest increase among the top ten richest people during the period at $10.9 billion to sit atop $124 billion fortune.

Mark Zuckerberg and Elon Musk’s net worth rose by $31.6 billion and $68.6 billion, respectively.

To better throw lights on extravagance increase in the net worth of tech billionaires during the pandemic, Bernard Arnault, the chairman and chief executive of LVMH Moët Hennessy, saw his net worth declined by $17.2 billion from about $113.4 billion to $96.2 billion. Suggesting that only billionaires that are exposed to tech were experiencing an astronomical increase in wealth that does not reflect current economic realities.

Still, the 500 wealthiest people in the world have added a combined $830 billion in wealth this year.