According to BlockBeats, Elon Musk's role as head of the "Department of Government Efficiency" has impacted his wealth more significantly than anticipated. The Bloomberg Billionaires Index reports that Musk's fortune has decreased by over $75 billion this year, reducing his net worth to approximately $357 billion, a substantial drop from its peak of over $450 billion at the end of 2024.
The decline is primarily attributed to the performance of his 13% stake in Tesla, whose stock has fallen nearly 20% this year. Musk's lead as the world's richest person is being challenged by competitors such as Oracle founder Larry Ellison and Meta CEO Mark Zuckerberg. Currently, the wealth gap between Musk and Ellison has narrowed to about $54 billion.
Oracle has experienced explosive growth due to its AI strategy and cloud computing business, with its stock rising over 50% this year, significantly boosting Ellison's wealth. If this trend continues, Musk is at risk of losing his title as the world's richest person by the end of the year.