Elon Musk has seen his net worth drop to $124billion in 2022. This marks a 2-year decrease.

Twitter staff received a memo from Elon Musk on Thursday, confirming that job cuts would be announced Friday.Carina Johansen/Getty Images
According to Bloomberg estimates, Elon Musk’s net wealth has plummeted $124 billion this year. Bernard Arnault is now the world’s wealthiest person.

According to Bloomberg estimates, Elon Musk’s net worth is $124 billion. This is the lowest level since 2020.

According to the Billionaires Index, the tech mogul now has a net worth of $148 billion. He remains the second-richest person in the world, a position he held until last week, when Bernard Arnault, CEO of LVMH, pushed him off the top.

After Tesla shares plunged, Musk’s fortune plummeted to $8 billion. The shares are down 61% and 12% respectively since January.

Musk, the CEO of EV maker, blames this on rising interest rates. He claims that these have incentivized traders and investors to sell their shares when cash becomes more appealing. However, shareholders and analysts have suggested that Musk has been distracted by Twitter’s purchase, which they claim has made it difficult to focus on Tesla.

Musk’s fortune has plummeted this year

According to Bloomberg’s estimates, Musk’s net worth is not so low as it was in December 2020.

His net worth soared rapidly after the pandemic and reached $340 billion in November 2021. His estimated fortune dropped to $270 billion by January 1st, and has fluctuated since then but is generally on a downward trend.

Musk’s wealth depends heavily on Tesla shares. Musk does not receive a salary from Tesla. However, he is granted stock options when Tesla achieves challenging performance metrics.

Musk is also SpaceX’s CEO and co-founded or co-founded The Boring Company and Neuralink. X.com later became PayPal. Musk bought Twitter in October for $44 billion. He became its CEO and has since stated that he will be retiring from the position.

Some Tesla shareholders expressed concern about Musk’s time spent on Twitter prior to his announcement. KoGuan Leo was the third largest shareholder of Tesla and demanded that Musk step down as CEO.

Leo tweeted, “Elon abandoned Tesla and Tesla doesn’t have a working CEO.”

Business Insider has the original article.
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By: gdean@insider.com (Grace Dean)
Title: Elon Musk’s net worth has plummeted $124 billion in 2022, bringing his fortune to a 2-year low
Sourced From: www.businessinsider.com/elon-musk-net-worth-wealth-fortune-fall-drop-money-billionaire-2022-12
Published Date: Wed, 21 Dec 2022 12:39:31 +0000