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Elon Musk's fortune drops by 50% since November 2021

07:50 PM | 18 Apr, 2024
Elon Musk

Elon Musk, the visionary entrepreneur behind Tesla, SpaceX, and X (formerly Twitter), has recently experienced a surprising downturn in his wealth over the span of two and a half years.

In November 2021, Musk's net worth soared to a record-breaking $340 billion, fueled largely by the success of his various ventures and the meteoric rise in Tesla's stock price. However, fast forward to April 17, 2024, and Musk's fortune has taken a significant hit, plummeting to $174 billion.

This drastic decline represents a staggering drop of approximately 50% in just two and a half years, leaving many observers bewildered by the sudden turn of events. The primary reason behind this sharp decrease is the notable decline in the value of Tesla's stock, in which Musk holds a substantial stake.

For instance, Tesla's share price stood at $415 in 2021, but as of April 17, 2024, it has tumbled to $155. This substantial 62% decrease in the value of Tesla's shares has had a direct and substantial impact on Musk's overall wealth.

The decline in Musk's financial standing has raised eyebrows and sparked discussions about the inherent volatility of the stock market and the unpredictable nature of wealth accumulation, even for high-profile figures like Musk. Despite these challenges, Musk remains a key figure in the tech and automotive industries, continuing to innovate and drive progress in various fields.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 23 May 2024

Pakistani currency rates against US Dollar and other currencies on May 23, 2024 (Thursday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.25 for buying and 280.25 for selling.

Euro moved down to 297 for buying and 300 for selling while British Pound rate is 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.2 and Saudi Riyal came down to 73.45.

Today’s currency exchange rates in Pakistan - 23 May 2024

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 277.25 280.25
Euro EUR 297 300
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.2 75.95
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.52 748.52
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.91
Danish Krone DKK 40.52 40.92
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 903.3 912.3
Malaysian Ringgit MYR 59.39 59.99
New Zealand Dollar NZD 170.11 172.11
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.46 731.46
Qatari Riyal ‎QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 26.02 26.32
Swiss Franc CHF 305.97 308.47
Thai Bhat THB 7.67 7.82

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