According to a Bloomberg estimate, Elon Musk’s fortune has fallen by $124 billion this year. This is the lowest level he has reached since 2020 and his total net worth is currently $148 billion.
On Tuesday alone, his fortune plummeted by $8 billion as Tesla shares fell. The company’s stock has fallen 12% in the past week and 61% overall since January 2022. According to Bloomberg estimates, this is the first time since 2020 that its net worth has been so low.
When the pandemic began, his fortunes began to rise. By November 2021, his fortune reached the impressive amount of $340 billion. By January of this year, his fortune had already fallen to $270 billion.
Elon Musk also lost his position as the richest person in the world last week, with Bernard Arnault replacing him.
Why is Tesla stock falling?
While Musk continues to blame falling stocks for rising interest rates, others say he spent too much time on Twitter. Tesla’s third largest individual shareholder, KoGuan Leo, tweeted some time ago that Tesla was left without a CEO when Musk left Tesla. He also called on Musk to step down from Tesla.
Tesla shares are the main source of Musk’s fortune. Tesla does not pay him a salary, but when the company meets ambitious performance goals, he is awarded stock options.
Companies owned by Musk
Elon Musk bought Twitter this year for $44 billion and took over as CEO. He recently organized a poll to find out whether he should leave the head of the microblogging platform. The result was not what he expected, the majority of those interviewed said yes.
Musk is also the CEO of Space X. He founded or co-founded Neuralink and The Boring Company. He is also the founder of PayPal, formerly X.com.
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