Elon Musk’s Wealth Drops by $8.6 Billion in One Day

Tesla, SpaceX, and Twitter CEO Elon Musk noticed his wealth plummet by $100 billion {dollars} this yr, bringing his internet value to someplace between $170 billion and $182 billion, in response to estimates from Bloomberg and Forbes. That’s dpersonal from an estimated $340 billion in November 2021. The drop comes as Tesla shares decreased to a two-year low this week, lowering Musk’s wealth by about $8.6 billion in simply someday.

Musk reportedly owns round a 15 % stake in Tesla shares which has decreased by 58.03% yr to this point, in response to Bloomberg. He bought practically $15.5 billion of his Tesla inventory to finance his buy of Twitter earlier this month.

Tesla accounts for the majority of Musk’s fortune however has confronted income decreases as a result of ongoing covid-19 restrictions in China and a current recall of 300,000 Tesla autos on account of defective taillights along with hovering prices of supplies. His internet value continued to take a success after he acquired Twitter for $44 billion—the biggest buyout of a expertise firm in historical past.

Musk additionally needed to just lately defend the close to $56 billion fee package deal Tesla handed him years in the past in court docket. Richard Tornetta, who owns some Tesla shares, filed the lawsuit again in 2019 claiming the Tesla board provided Musk an excessively beneficiant pay package deal though he was spending solely about half his time on the electrical automobile maker. His new pastime as ‘Chief Twit’ has solely amplified claims that he’s spreading himself too skinny.

Despite the setbacks, Musk nonetheless stays the wealthiest individual on this planet, coming in above the runner-up, Bernard Arnault, by round $65 billion. Musk shouldn’t be the one tech government whose internet value has dropped this yr, as Meta CEO Mark Zuckerberg, Amazon founder Jeff Bezos’, and Alphabet co-founder Larry Page have all additionally skilled important monetary setbacks in response to Bloomberg.