Elon Musk, the richest man in the world, saw his wealth dip for the first time in 2022 as Tesla shares fell to their lowest point since November 2020, losing more than $100 billion.
Forbes estimates Elon Musk’s net worth has decreased to $195.6 billion. On Tuesday, Musk’s net worth dropped and reached its lowest level of the year. Except for a small dip to $199 billion in May of this year, this is the second time since Oct. 1, 2021, that his net worth has fallen below $200 billion, according to Forbes.
Musk used to be worth more money, but his net worth is still enormous and secures his title as the world’s richest man. According to Forbes, his estimated net worth in January was $304.2 billion. As Tesla stock rose, its net worth climbed by nearly $32.6 billion.
Of course, it was before Musk started his purchase of Twitter in April. As a legal dispute with Twitter loomed, he sold approximately 8 million Tesla shares, valued at $7 billion, in August. After Musk attempted to renege on their acquisition deal, Twitter filed suit to enforce the terms. According to Musk’s countersuit, the corporation was then accused of fraud, breach of contract, and breaking a securities law.
The judge put the case on hold to allow the transaction to go through, and last month, Musk paid $44 million to acquire the business legally.
According to the Bloomberg Billionaires Index, Tesla CEO Musk’s net worth is currently $170 billion, down from a peak of $340 billion a little more than a year ago.
It was a turbulent takeover of Twitter. Despite having stated that he was “done selling Tesla stock,” Wedbush analysts claim that Musk recently sold an additional $4 billion in stock to bridge the deal’s shortfall.
According to documents submitted to the Securities and Exchange Commission this week, he also sold an additional 19.5 million Tesla shares, valued at $3.9 billion, over three days. Since April, he has sold Tesla shares worth $19.3 billion. His net worth fell due to that and the decline in the price of Tesla stock.
Due to his purchase of Twitter, Musk lost favor with investors and faced criticism for the modifications he made to the social media firm almost afterward. Many were worried that his tweaks to the platform’s content restrictions would permit hate speech. He also let go of a sizable number of employees and top executives. He also developed “Twitter Blue,” a $7.99 monthly subscription for a blue checkmark to boost revenue.
Tesla, SpaceX, and the Boring Company are just a few of the six businesses Musk co-founded that make up his fortune. According to Forbes, after selling a lot of his Tesla stock, he still has $445.6 million worth of the company’s stock, excluding options.
Additionally, after taking Twitter private with support from a $12.5 billion loan from a collection of central banks, including Morgan Stanley and Bank of America, he currently owns an estimated 82% of the company.
The second-richest persons in the world, French billionaire Bernard Arnault and his family, who run the fashion business LVMH, are still ahead of him. Their estimated net worth is $159.8 billion. Indian billionaire Gautam Adani ranks third in wealth, with a $144.7 billion net worth derived from commodities and infrastructure. With a net worth of $110.7 billion, Jeff Bezos, founder of Amazon and Blue Origin, comes in fourth.
