Elon Musk's wealth has shrunk by $75 billion, and he may lose his title as the world's richest person.

According to reports, Elon Musk's role as head of the Department of Efficiency seems to have caused a greater hit to his wealth than expected. According to data from the platform, as of now, Musk's wealth has shrunk by more than $75 billion this year, with his net worth dropping to about $357 billion, far below the peak of over $450 billion at the end of 2024.

The decline is primarily due to the performance of his 13% stake in Tesla. Tesla's stock price has fallen nearly 20% this year. Musk's lead as the world's richest person has been eroded by competitors: Oracle founder Larry Ellison and Meta CEO Mark Zuckerberg are closing in. Currently, the gap in net worth between Musk and Ellison is only about $54 billion.

Oracle has experienced explosive growth thanks to its AI strategy and cloud computing business, with its stock price rising over 50% this year, leading to a rapid increase in Ellison's wealth. If this trend continues, Musk is very likely to lose the title of the world's richest person before the end of the year.