Elon Musk’s web work has dropped $100 billion this yr alone as Tesla shares drop

The Tesla CEO’s web price is $170 billion to $182 billion, in keeping with estimates from Bloomberg and Forbes. That places him simply barely forward of the founder and CEO of the posh items large LVMH, Bernard Arnault ($157 billion), within the rankings of the world’s wealthiest.

Only a yr in the past, whereas tech shares have been hovering, it was a distinct story for Musk. When Tesla shares peaked at round $410in November of 2021, Musk’s web price was $340 billion, in keeping with Bloomberg’s estimates.

At the moment, the closest competitor for the title of the world’s richest particular person was Amazon founder Jeff Bezos, who had a fortune of roughly $200 billion.

However since then, Tesla’s inventory has fallen greater than 59% as rising recession fears, slowing EV demand, and Musk’s Twitter acquisition have weighed on traders’ confidence. The corporate has additionally been hit with a number of car recollects which have damage its prospects, together with one simply this week that can pull 321,000 U.S. vehicles off the street for a rear tail mild concern.

Musk owns roughly 15% of Tesla, so any severe decline within the firm’s shares causes a considerable hit to his web price. 

However don’t really feel unhealthy for the “Chief Twit,” Musk’s web price remains to be 227,272 instances better than that of the typical U.S. family and roughly equal to the annual GDP of all of Iraq. If he wished, Musk might purchase 1.9 billion barrels of oil, 97.5 million troy ounces of gold, and even 10.5 million bitcoin.

Nonetheless, Musk hasn’t had the very best yr. In actual fact, he’s misplaced more cash than another billionaire, along with his web price dropping by $101 billion. 

Mark Zuckerberg is available in second on the record of greatest losers. The Meta CEO has seen his fortune drop by $83.5 billion this yr, whereas Changpeng Zhao, CEO of cryptocurrency change Binance, has misplaced $81.9 billion over the identical interval because the crypto winter continues.

On the opposite facet of the coin, chasing Musk for the title of the world’s richest particular person is Indian enterprise magnate Gautam Adani, who has seen his web price soar $53 billion this yr to $130 billion, placing him third within the rankings.

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