Elon Musk’s Net Worth Declines $8.6 Billion in a Day

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Elon Musk’s Net Worth Declines $8.6 Billion in a Day, Elon Musk, the CEO of Tesla, SpaceX, and Twitter, had his wealth decline by $100 billion this year, according to estimates from Bloomberg and Forbes, putting his net worth anywhere between $170 billion and $182 billion. The predicted $340 billion in November 2021 has decreased to that amount. The decline coincides with Tesla stock hitting a two-year low this week, which decreased Musk’s wealth by about $8.6 billion in a single day.

According to Bloomberg, Musk reportedly owns about a 15% stake in Tesla shares, which have lost 58.03% so far this year. To pay for his purchase of Twitter earlier this month, he sold nearly $15.5 billion of his Tesla stock.

Tesla, which makes up the majority of Musk’s wealth, has seen revenue declines as a result of the ongoing COVID-19 limitations in China, the recent recall of 300,000 Tesla vehicles owing to defective taillights, as well as rising material costs. After he paid $44 billion for Twitter, the largest buyout of a technology company in history, his net worth began to decline.

Read also: The Colossal Failure That Is Amazon Alexa Is Expected To Lose $10 Billion This Year.

Additionally, Musk recently had to defend the court-ordered nearly $56 billion payout package Tesla gave him years ago. Richard Tornetta, who owns some Tesla stock, filed the complaint in 2019. He claimed Musk received an excessively high pay package from the Tesla board despite working only approximately half the time. Claims that he is overextending himself have only increased as a result of his new pastime as “Chief Twit.”

Despite the difficulties, Musk is still the richest person in the world, surpassing Bernard Arnault, who was in second place, by about $65 billion. According to Bloomberg, Mark Zuckerberg, CEO of Meta, Jeff Bezos, founder of Amazon, and Larry Page, co-founder of Alphabet, are among other tech executives whose net worth has decreased this year along with Musk.