Business Desk – The world’s richest man, Elon Musk, suffered one of the biggest blows to his wealth ever on Wednesday. A sharp drop in SpaceX shares slashed his net worth by $89.6 billion. This loss, which occurred in just one day, has reduced Musk’s net worth to $687 billion.

Interestingly, Musk’s losses in a single day exceed the net worth of India’s second-richest businessman, Mukesh Ambani. At one point, Elon Musk’s net worth had even surpassed $1 trillion.

Why did Elon Musk’s wealth decline so drastically?

This significant drop in Elon Musk’s wealth was due to a sharp sell-off in SpaceX shares. The company’s shares fell 13.61% on Wednesday, after posting a slight gain on Tuesday.

Elon Musk owns more than 6 billion shares of SpaceX. Therefore, any significant decline or rise in the company’s stock directly impacts his net worth. Wednesday’s decline eroded his wealth by $89.6 billion in a single day.

What is the total net worth of Mukesh Ambani?

According to the Bloomberg Billionaires Index, Reliance Industries Chairman Mukesh Ambani has a net worth of $85.7 billion. This means that the amount of wealth Elon Musk lost in a single day is more than Mukesh Ambani’s entire net worth.

Mukesh Ambani’s wealth also declined by $514 million on Wednesday, despite remaining at 23rd place on the list of the world’s richest people.

Who is the richest person in India?

Mukesh Ambani was India’s richest person for a long time, but Gautam Adani has now taken over that position. According to the Bloomberg Billionaires Index, Gautam Adani has a net worth of $113 billion, placing him 17th on the list of the world’s richest people.

Top 5 richest people in the world

Elon Musk – $687 billion

Larry Page – $309 billion

Jeff Bezos – $292 billion

Sergey Brin – $288 billion

Michael Dell – $239 billion

One day’s loss also became a record

Elon Musk’s net worth dropped by $89.6 billion in a single day, a prime example of how quickly a billionaire’s wealth can fluctuate with the performance of his businesses and the stocks of his companies. A 13.61% drop in SpaceX shares reduced the world’s richest person’s wealth by billions of dollars in a single day.