By Abiola Olawale
In a stunning turn of events, some of the world’s wealthiest individuals faced a staggering financial setback on July 24, 2025, as Elon Musk and two other billionaires collectively lost $19.8 billion in a single day.
It was gathered that the dramatic drop was driven by volatile market conditions and shifting investor sentiment.
Musk, the Tesla and SpaceX magnate, saw his net worth decline massively as Tesla’s stock price plummeted over 6% on July 24, 2025.
The sharp fall was fueled by a combination of factors, including a public feud with President Donald Trump and concerns over potential cuts to Tesla’s federal electric vehicle (EV) tax credits, estimated to be worth $2.8 billion annually.
According to the Bloomberg Billionaires Index, Musk’s fortune dropped by $15.3 billion to $355 billion, marking one of the largest single-day wealth losses in history.
Despite this, Musk remains the world’s richest individual.
Mukesh Ambani, an Indian oil-to-tech conglomerate leader, shed $2.3 billion, bringing his total fortune to $105.3 billion.
Meanwhile, fellow Indian billionaire Gautam Adani saw $2.2 billion wiped from his portfolio, leaving him with $64.9 billion.
