Elon Musk’s net worth has fallen down by 124 billion USD, till now, this year, according to an estimate by Bloomberg. This is the lowest he has reached since 2020 and his overall net worth is currently at 148 billion USD.

Alone on Tuesday, his net worth fell by 8 billion USD as Tesla shares fell. The firm’s share has fallen by 12% in the last week and overall 61% from January 2022. If we look at Bloomberg’s estimates this is the first time since 2020 that his net worth has been so low.

At the time of the beginning of the pandemic his wealth started to rise. By November 2021, his wealth touched whopping 340 billion USD. By January of this year, his wealth had already drooped down to 270 billion USD.

Elon Musk also lost his position of the world’s richest person, last week as Bernard Arnault replaced him.

Also read: Who Is Elon Musk? Discover Tesla Founder Investments, Net Worth And Family

Why is Tesla’s share falling?

While Musk continues to put the blame of falling shares on increasing interest rate, other people argue that he has been giving too much time to Twitter. Tesla’s third largest individual share holder KoGuan Leo tweeted sometime back about Tesla being left without CEO as Musk had abandoned Tesla. He also called out Musk to step down from Tesla.

Tesla stock is the main source of Musk’s fortune. Tesla does not pay him a salary, but when the business achieves ambitious performance goals, stock options are granted to him.

Companies owned by Musk

Elon Musk acquired Twitter this year by paying 44 billion USD and took the position of CEO. He recently conducted a poll asking he should step down as the head of microblogging platform. The result was not what he would have expected, majority said yes.

Musk is also the CEO of Space X. He has also founded or co-founded Neuralink and The Boring Company. He is also the founder of PayPal, formerly X.com.

The post Elon Musk Loses Over $120 billion, What Lies Ahead For Him? appeared first on CoinGape.

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Filed under: News - @ December 21, 2022 1:38 pm