Elon Musk has lost $40 billion wealth in 2024 so far

Tesla CEO Elon Musk's net worth has tanked by almost $40 billion this year, according to Bloomberg Billionaires Index.

Musk, who owns X (formerly Twitter), is now worth $189 billion. He is currently on the third spot on the list of the world's richest persons, behind Louis Vuitton boss Bernard Arnault and Amazon Founder Jeff Bezos.

Social media platform Twitter, which was renamed as X following Musk's takeover in 2022, has proved to be a big headache for him. It has struggled to retain advertisers amid controversies ever since 2022.

In another development, Musk said X will launch a smart TV app for Amazon and Samsung users to make long form videos available on smart TVs, Reuters reported.

"Coming soon," Musk said in a brief response on X to a user's posting that the platform's long-form videos could be watched directly on smart TVs.