Elon Musk, World richest person emerges world highest loser; loses $17.1B in a day.

Elon Musk, World richest person emerges world highest loser; loses $17.1B in a day.

By Charles Segun Adegbite

World richest person and CEO of Tesla, Elon Musk emerged as world highest loser on Wednesday as he lost $17.1Billion at the stock market  .

With the huge loss his net worth dropped geometrically from $248.7Billion it was on Tuesday July 23, to $231.6 at the close of stock market Wednesday.

In spite of the huge loss however he still retained his position as world richest person according to Forbes Real Time Billionaires rankings.

This is partly because all the remaining nine billionaires in the Top 10 Richest People In The World lost billions of dollars yesterday at the stock market.

He emerged as the highest loser with the exception of Warren Buffet who lost $312millions.

Buffet however is still in the 8th. Position of the world's richest in spite of his "minimal" loss among the rest.

Musk had reached $352.3B net worth on Tuesday July 16. He was over $40B reacher than the second richest person on Earth, Jeff Bezos, before he began to experience a decline this week, which saw him slipping to the present net worth.

Successful People Magazine analysis shows that Musk, whose total net worth at the beginning of this year was $195 Billion, lost his first rank in the world to Bernard Arnault in 2023 and only reclaimed it at the end of May 2024.

Musk had been in the third position of world top billionaires as of April, 2024, according to Forbes rankings, before he rose to the world richest on May 31, as his net worth rose from $195Billion in 2 April to $210.7B as of May 31.

His financial rise and fall saw his net worth dwindling drastically from the $210.7B he was on Monday June 3, to $206.1Billion on Wednesday, June 12, 2024.

Since the beginning of this month however he has experienced rapid increase in his net worth.

He made $27.3B in 3days, which is $1.4billion more than Dangote's total net worth $13.5B, combined with Mike Adenuga's total net worth $6.7B and Arthur Eze's $5.8B; that are all $25.9B.