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Elon Musk’s fortune drops by $8.6 billion in one day

Elon Musk's net worth fell by $100 billion this year

Photo: Win McNamee (Getty Images)

Tesla, SpaceXan.d Twitter CEO Elon Musk saw his wealth plummet by $100 billion this year, bringing his net worth to somewhere in between $170 billion and $NOK 182 billionaccording to estimates from Bloomberg and Forbes. It is down from estimated 340 billion dollars in November 2021. The fall comes as Tesla shares fell to a two-year low this weekand reduces Musk’s wealth by approx 8.6 billion dollars in just one day.

Musk reportedly owns around one 15 percent stake in Tesla shares, which have fallen by 58.03% so far this yearfollowing Bloomberg. He sold nearly $15.5 billion of Tesla stock to finance his purchase of Twitter earlier this month.

Tesla accounts for the bulk of Musk’s fortune, but has faced revenue declines due to the ongoing covid-19 restrictions in China and a recent one recall of 300,000 Tesla cars due to defective rear lights in addition to sky-high material costs. His net worth continued to take a hit after he bought Twitter for $44 billion—the largest acquisition of a technology company in history.

Musk also had to recently defend the close to the $56 billion payment package Tesla gave him years ago in court. Richard Tornetta, who owns some Tesla shares, reported trial back in 2019 and claimed that the Tesla board was offered Musk an overly generous pay package even though he only spent about half of his time at the electric car maker. His new hobby which ‘Chief Twit’ has only reinforced claims that he is spreading himself too thin.

Despite the setbacks, Musk remains the richest person in the world, overtaking second place, Bernard Arnault, with around $65 billion. Musk is not the only technology manager whose net worth has fallen this year, as Meta CEO Mark Zuckerberg, Isazon founder Jeff Bezos’, and Alphabet co-founder Larry Page have all also experienced significant financial setbacks according to Bloomberg.

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