Elon Musk's net worth drops below $200 bn

Tech billionaire Elon Musk's net worth has dropped below $200 billion after Tesla shares recently hit 11-month lows.

According to Teslarati, Musk has lost about $77.6 billion of his net worth year-to-date.

Tesla stock has been under immense pressure as of late, with shares dropping about 40 per cent since the start of the year. Musk's net worth has taken a substantial hit as a result.

As per the Bloomberg Billionaires Index, Musk's net worth stands at $193 billion, as of May 25. This means that Musk had seen $77.6 billion of his wealth sheared off since the start of the year.

Musk is still the world's richest person by net worth, however. His closest rival, Amazon founder Jeff Bezos, is currently listed with a net worth of $128 billion, the report said.

Similar to Musk, Bezos' net worth has also taken a significant hit this year, dropping by $64.6 billion.

Musk and his fellow multibillionaires have seen their net worths shrink this year.

Overall, the world's 50 wealthiest people, which include Bill Gates and Mark Zuckerberg, have lost an aggregate of half a trillion dollars in wealth since the beginning of the year.