Elon Musk lost more than $100 billion from his fortune
In November of the previous year, Tesla CEO Elon Musk made history by becoming the first individual in the world to amass a wealth of $300 billion. Since then, a lot of things have taken place. After several months of negotiation, he was on the verge of purchasing Twitter, despite rumors that he intended to fire 75% of Twitter’s employees in the event that the deal was finalized. It was rumored that he was having an affair with Nicole Shanahan, who is the soon-to-be ex-wife of Google co-founder Sergey Brin. He held a private meeting with one of his colleagues, and the discussion was kept hidden. Musk, on the other hand, refuted the rumor.
In addition, he misplaced more than one hundred billion dollars of his money. Musk’s fortune has decreased by about 35 percent since it reached its all-time high on November 4, 2021, dropping from $3200.3 billion to $209.4 billion as of the close of the market on Thursday. This decline is almost completely attributable to a sharp decline in the price of Tesla stock. Already in this single month, Musk’s fortune has decreased by $28 billion. The electric car manufacturer’s revenue continued to fall short of certain analysts’ estimates when it came to the quarterly earnings that were reported on Wednesday. When you factor in the possibility of a recession, investors become terrified.
“He sells high-priced cars, so a recession will not be helpful for his business,” said Matt Maley, chief market strategist at Miller Tabak + Co., in an email. Even despite such a significant shift in the direction of his wealth, Musk maintains his position as the richest person on the planet. He has a net worth that is $61 billion higher than that of Amazon founder Jeff Bezos and $59 billion higher than that of LVMH chief executive Bernard Arnault. When he surpassed Bezos the year before, he jokingly mentioned to Forbes in an email that he intended to gift Bezos a large statue of the number 2, and Forbes laughed it off.
According to a statement made by Wedbush analyst Dan Ives in an email, “the problem for Tesla investors is that more stock sales are likely by Musk to fund this deal, which we believe will go down as one of the worst, most overpaid M&A deals in the history of the market.”