Fortune of Elon Musk has Declined by More than $100 Billion in Less than a Year

Even if he is now worth one-third less than he was a year ago, Elon Musk is still the richest man in the world, which has some Tesla stockholders unhappy. Since then, a lot has transpired. After months of back-and-forth, he is finally close to purchasing Twitter. If the sale closes, he reportedly plans to fire 75% of the company's employees. He was said to have had an affair with Nicole Shanahan, the soon-to-be ex-wife of Google cofounder Sergey Brin, and to have secretly fathered twins with one of his staff. (Musk refuted the liaison.) Additionally, he lost more than $100 billion. Musk's wealth has decreased by about 35% since its peak on November 4, 2021, from $320.3 billion to $209.4 billion as of Thursday's market closing. This decline is almost completely attributable to a dramatic decline in the price of Tesla stock. Musk's wealth has decreased by $28 billion just this month. The electric car manufacturer's sales in its most recent quarterly results report were still below certain analyst predictions. Investors are alarmed when concerns about a potential recession are added. Net Worth of Elon Musk: Goodbye to $110 Billion in Eleven and a Half Months Matt Maley, chief market analyst at Miller Tabak & Co., writes in an email that "He sells expensive cars, therefore a recession will not be helpful for his firm." Even after his fortune took such a spectacular drive, Elon Musk is still the richest man in the world because he was already so wealthy. He is $71 billion richer than Amazon founder Jeff Bezos and $60 billion richer than LVMH CEO Bernard Arnault. He jokingly stated in an email to Forbes that he planned to gift Bezos a huge statue with the number 2 after he overtook him last year. In order to fund his attempt to purchase Twitter and take it private, Musk sold $31 billion worth of Tesla stock in the previous year. Forbes includes the cash value (net of taxes) from those sales toward his net worth because the agreement hasn't been consummated. Investors, though, are turned off by the deal's controversy because they think Musk is overpaying for the social network and recklessly selling Tesla stock to finance it. The issue for Tesla investors is that Musk is expected to sell more stock to finance this deal, which Wedbush analyst Dan Ives described in an email as one of the worst, most overpriced M&A deals in the history of the market. Others are more upbeat about the future of Tesla. According to Garrett Nelson, an equities analyst at CFRA Research, record vehicle sales in the most recent quarter have Tesla "remaining one of the market's strongest earnings growth stories over the intermediate and long term."