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Elon Musk’s net worth dropped by more than $100 billion

In less than a year, Elon Musk’s net worth dropped by more than $100 billion

Elon Musk's net worth dropped by more than $100 billion

Elon Musk’s net worth

Elon Musk, the founder of SpaceX and the CEO of Tesla, became the first individual in history to amass a $300 billion fortune last November. Elon Musk is in charge of leading the engineering, global manufacturing, and product design of electric vehicles. He intended to acquire Twitter and lay off 75% of its employees.

He had an affair a few months ago with Nicole Shanahan, the soon-to-be ex-wife of Google co-founder Sergey Brin. Musk, however, denied having a liaison. Musk’s net worth had a huge decline of around 35% on November 4, 2021. From $320,3 billion to $209.4 billion, his net worth decreased. The steep reduction in Tesla stock price was shown by the enormous decline. Musk’s net worth has decreased by $28 billion just in the past month.

Tesla’s name is well known to us all. One of the richest persons in the world is Elon Musk. Whatever, his financial situation made such an abrupt turn. In comparison to Jeff Bezos, the creator of Amazon, and Bernard Arnault, the CEO of LVMH, he is the richest man on earth. Last year, after surpassing Bezos’s net worth, he joked in an email to Forbes that he would be happy to send Bezos a huge statue bearing the number 2.

Musk sold $31 billion in Tesla equity last year in order to buy Twitter and take it private. because the agreement was rejected. Forbes includes the value of the money he makes from sales when calculating his net worth. Investors, on the other hand, were dissatisfied and claimed Musk had overpaid for the social network.

Wedbush explained in an email that the issue with the Tesla investors is that Musk is probably going to sell additional stock to finance the transaction. “One of the worst overpaying M&A transactions in the history of the market. Other investors, though, are optimistic about Tesla’s future. Tesla continues to be one of the most significant earnings growth stories in the market, according to equities analyst Garrett Nelson of CFRA research. Over the medium and long run, it won’t change, and record vehicle sales will support it.

 

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