Elon Musk’s wealth plummets by $8.6 billion in one day

Elon Musk's Net Worth Dropped $100 Billion This Year

Photo: Winning McNamee (Getty Images)

You’re here, SpaceXan/a Twitter CEO Elon Musk saw his wealth plummet by $100 billion this year, bringing his net worth somewhere between $170 billion and $182 billionaccording to the estimates of Bloomberg and Forbes. It’sclean from an estimate $340 billion in November 2021. The decline comes as Tesla shares fell at a two-year low this weekreducing Musk’s wealth by approximately $8.6 billion in a single day.

Musk reportedly owns about a 15% stake in Tesla shares, which has fallen 58.03% since the start of the yearaccording Bloomberg. He sold nearly $15.5 billion of his Tesla stock to fund his purchase of twitter earlier this month.

Tesla accounts for the bulk of Musk’s fortune, but has faced revenue declines due to the covid-19 restrictions in china and a recent recall of 300,000 Tesla vehicles due to faulty taillights in addition to skyrocketing material costs. His net worth continued to decline after acquiring Twitter for $44 billion…largest takeover of a technology company in history.

Musk also had to defend recently the nearly $56 billion in payment Tesla handed over to him years ago in court. Richard Tornetta, who owns Tesla stock, filed the court case in 2019, claiming the Tesla Card was offered Too generous musk salary even though he only spent about half his time at the electric car maker. His new hobby as ‘Chief Twit’ only amplified claims that he spreads too thin.

Despite the setbacks, Musk still remains the richest person in the world, ranking above second, Bernard Arnault, about 65 billion dollars. Musk isn’t the only tech executive whose net worth plummeted this year, as CEO of Meta Mark Zuckerberg, A mazon founder Jeff Bezos’, and co-founder of Alphabet Larry Page all also experienced significant financial setbacks according to Bloomberg.

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