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Elon Musk is Still The World’s Richest, Even After Losing $110 Billion in a Year

Elon Musk Worlds richest man

The dramatic decrease in Tesla’s share price this year has wiped off more than $110 billion of Elon Musk’s fortune, which is actually more than Google co-founder Sergey Brin’s total $107 billion net worth.

Musk’s wealth peaked at little more than $320 billion in November of last year, but was calculated this week that his net worth, which is mostly tied to Tesla shares, is currently about $209 billion.

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Tesla (TSLA • NASDAQ) share price has decreased by 46% since January, closing Friday at $214 and valuing the business at $672 billion. It reached a trillion dollars in October of last year.

Musk currently owns 155 million Tesla shares, or around 15% of the company, after selling a portion of his stock earlier this year.

The net worth of Tesla and SpaceX CEO has decreased by 35% in less than a year and by $28 billion this month alone, yet he is still the richest person in the world. Musk is $80 billion richer than Bill Gates and $71 billion ahead of Jeff Bezos despite his wealth decline.

Last year, he sold $31 billion worth of Tesla stock to help fund his $44 billion Twitter acquisition.

In April, after he revealed his intention to acquire Twitter, Tesla shares plummeted. His fortune decreased from $302 billion in April to $216 billion in June but then rebounded to $279 billion in August.

Musk has acquired $12.5 billion in financing but still requires further billions to complete the project. He is seeking assistance from investors and may need to sell another $5 billion to $10 billion worth of Tesla shares.

Tesla also announced third-quarter sales of $21.5 billion, which fell short of analyst projections of $22.1 billion.

About Antonia Read

Antonia Read is a seasoned author specializing in the world of startups. With a keen interest in entrepreneurship and innovation, she has become a prominent voice in the field. Antonia's insightful writings offer valuable insights into the challenges and successes of startup ventures. Her expertise and dedication to the subject have earned her a reputation as a go-to resource for aspiring entrepreneurs and business enthusiasts alike.