- Elon Musk lost $110 billion in paper within a year.
- Due to the decline in Tesla’s share value during the Twitter Takeover, his net worth has declined.
- Despite his decline, he is still more wealthy than Bernard Arnault and Jeff Bezos.
Elon Musk has had more than $110 billion wiped off his fortune by the steep decline in Tesla’s share price this year — more than Google co-founder Sergey Brin’s entire $107 billion net worth.
Musk’s wealth peaked at just above $320 billion last November, but Forbes estimatedThis week, his net worth was revealed. It is heavily linked to Tesla stock, It is currently worth $209 billion.
Tesla fell 46% in January, closing Friday at $214. The company is valued at $672 million. It reached the trillion dollar mark last October.
Musk has 155 million Tesla shares after selling shares earlier in the year. This is a stake of less than 15%.
His fortune, which includes $28 billion in this month alone, has plunged by 35% for SpaceX and Tesla CEOs. However, he is still the world’s most wealthy person.
Musk’s wealth is $71 billion more than Jeff Bezos, and Bill Gates is $80 billion less.
To help pay $44 billion for his Twitter takeover, he sold stock in Tesla worth $31 billion. Forbes included the $31billion in his net worth, exempting taxes, because the deal is not yet complete.
Tesla shares crashed after he announced that he would buy Twitter in April. His wealth plummeted from $302billion in April to $216billion in June, but recovered to $279billion in August.
As he attempted to terminate the Twitter deal, his net worth has been slowly declining.
Musk has secured loans of $12.5 billion, but needs billions more. Musk is looking for investors to help him and could need to sell Tesla shares in the range of $5 billion to $10B next week.
Car maker reports weaker results than expected third quarter resultsThis week’s sales were $21.5 billion. That is less than analyst predictions of $22.1 billion.
Tesla did not respond immediately to a request for comments made outside of normal business hours.
