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Elon Musk, the CEO of Tesla, had his net worth drop below the $200 billion threshold. The shares of Tesla reached a 52-week low in early morning trade, and Musk’s assets decreased to around $195.6 billion, according to Forbes, which was the first to disclose this. The richest person in the world is still Musk. Some financial experts claim that Tesla’s stock has fallen as a result of his recent purchase of Twitter. The current decline in Musk’s net worth is over $74 billion.
“There are mounting concerns that Twitter is turning into more of a distraction for Musk than most anticipated prior to the transaction completion,” CFRA Research analyst Garrett Nelson told Forbes.
His wealth decreased by roughly $62 billion in July. The decline in Jeff Bezos’ fortune was around $63 billion. The value of Mark Zuckerberg’s business was reduced by more than half.
The 500 richest people in the world lost $1.4 trillion in the first half of 2022, according to Bloomberg, a startling decrease that is the greatest six-month decline in the history of the global billionaire class.
More than a week after completing his $44 billion acquisition of Twitter, Elon Musk sold roughly $4 billion worth of shares in the electric vehicle manufacturer, according to SEC records released on Tuesday.
According to US Securities and Exchange Commission papers, Musk sold more than 19 million shares for a total value of more than $3.9 billion. Musk used Tesla stock to pay for a large portion of his Twitter transaction.
He announced a $8 monthly fee to verify user accounts at the beginning of November, claiming the move would eliminate the platform’s bot and troll problems while generating new money for the business.