Elon Musk’s net worth dropped to around $ 195.6 billion, according to Forbes. Musk’s net worth fell on Tuesday to a low point this year.
This is the second time since October 1, 2021, that its net worth has dropped below $ 200 billion, with the exception of a brief drop to $ 199 billion in May this year, Forbes reports.
His net worth is still astronomical – and enough to cement his position as the richest man in the world – but Musk’s value was once greater. It had an estimated value of $ 304.2 billion in January, Forbes says. During this time, its value has risen by approximately $ 32.6 billion as Tesla shares soared.
That was, of course, before Musk started hijacking Twitter in April. In August,– valued at $ 7 billion – was looming in the legal battle with Twitter. Twitter sued Musk to enforce their takeover deal after Musk tried to back out. Musk then filed a lawsuit, alleging the company committed fraud, breach of contract, and a breach of securities law.
Judgeto make the deal possible, and last month Musk officially acquired the company for $ 44 million.
The takeover of Twitter was tumultuous. Musk recently sold another $ 4 billion in shares to fill the gap in the deal – even though he said he had “finished selling Tesla shares,” according to Wedbush analysts.
And this week it sold another 19.5 million Tesla shares – worth $ 3.9 billion – in three days, according to documents filed with the Securities and Exchange Commission. Forbes reports. He has sold $ 19.3 billion in Tesla stock since April. This, combined with the fall in Tesla’s share price, contributed to a decline in its net worth.
Musk not only lost credibility with investors with the Twitter takeover, but also aroused anger at the changes he immediately made to the social media company. Many feared that his changes to the content bans would allow hate speech on the platform. He tooand a large group of employees. And he – blue checkmark subscription that will cost users $ 7.99 per month – as a way to increase revenue.
Musk’s net worth consists of his stocks and ownership of six companies he co-founded, including Tesla, SpaceX and the Boring Company. While it offloaded a ton of Tesla shares, Forbes still owns $ 445.6 million in Tesla shares, excluding options.
It is estimated that he currently owns about 82% of Twitter after he took out the company privately with additional aid from a $ 12.5 billion loan from a group of large banks including Morgan Stanley and Bank of America.
Still ahead of the second richest people in the world, French billionaire Bernard Arnault and his family, owner of the LVMH fashion house. Their net worth is estimated at $ 159.8 billion. The third richest is Indian billionaire Gautam Adani, who earns $ 144.7 billion net of infrastructure and raw materials. The fourth is Amazon and Blue Origin founder Jeff Bezos, with a value of $ 110.7 billion.
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