Tesla CEO Elon Musk’s net worth has dropped below $200 billion. Tesla shares hit a 52-week low in early morning trading, according to Forbes, and Musk’s assets fell to around $195.6 billion.
Musk, however, remains the world’s richest person. According to some financial experts, Tesla’s stock has suffered as a result of his recent acquisition of Twitter. Musk’s net worth has now fallen by more than $74 billion.
According to CFRA Research analyst Garrett Nelson, “There are growing concerns that Twitter is turning into more of a distraction for Musk than most anticipated prior to the deal closing.”
In July, his fortune dropped by nearly $62 billion. Jeff Bezos’ fortune dropped by approximately $63 billion. Mark Zuckerberg’s fortune has been reduced by more than half.
According to Bloomberg, the world’s 500 wealthiest people lost $1.4 trillion in the first half of 2022, the steepest six-month drop ever for the global billionaire class.
Meanwhile, Elon Musk sold nearly $4 billion in Tesla stock, according to SEC filings, more than a week after completing his $44 billion acquisition of Twitter.
According to SEC filings, Musk sold more than 19 million shares worth more than $3.9 billion. Musk used Tesla stock to fund a large portion of his Twitter purchase.
In early November, he announced a $8 monthly fee to verify users’ accounts, claiming that the plan would solve the platform’s bot and troll problems while also creating a new revenue stream for the company.
