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With the stroke of a pen, Elon Musk lost $56 billion, a significant drop in his fortune. The blow came on January 30, 2024, when Delaware judge Chancellor Kathaleen McCormick ruled that Musk’s hefty pay package from Tesla Motors was unfair to shareholders and should be canceled.
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Elon Musk’s Fortune Plummeted After Judge’s Ruling
The judge’s ruling not only demoted Elon Musk from his position as the world’s richest person, but also reduced his net worth to around $198.9 billion, leaving him $19 billion behind France’s Bernard Arnault. It also spurred a large-scale relocation of Musk’s corporate assets from Delaware to Texas.
Despite this setback, Musk has considerable wealth, largely due to his substantial stake in Tesla. According to recent filings with the US Securities and Exchange Commission (SEC) as of February 14, 2024, Musk owns just over 715 million shares of TSLA stock, amounting to an ownership stake of approximately 20.5%.
Indeed, a significant portion of Musk’s current wealth is tied to Tesla’s fortune. Currently, TSLA stock is worth just under $135 billion and accounts for about 67% of his net worth.
Musk felt from the ranking of rich people over the world
Musk’s fall in the ranking of the world’s richest people is not only due to the cancellation of his pay package. Tesla has suffered a significant stock market decline in recent months during what industry insiders have dubbed the ‘electric vehicle winter’, a period of increased competition and reduced demand.
Over the past 52 weeks, Tesla’s shares have fallen 11.92% and 24.04% since the beginning of the year. While the company’s shares continued their downward trend with a 14.19% drop in the last 30 days, the last full trading session witnessed a positive turnaround and closed Wednesday at $188.71, up 2.55%.
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