Elon Musk's net worth slumps to a two-year low — here's why
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Elon Musk’s net worth has sunk to a two-year low, according to a report by Bloomberg published on Wednesday. It seems his fortune keeps taking a beating a mere week after losing he lost his famed spot as the world’s richest person.
On Tuesday, Tesla shares had their most considerable one-day loss since October, resulting in Musk’s net worth decreasing by $7.7 billion.
Musk’s annual accumulated losses have now reached a total of $122.6 billion. This amount is larger than the profits he gained in 2021, when his fortune soared to rank among the biggest in history. His net worth is now $147.7 billion, according to the Bloomberg Billionaires Index.
This is the lowest point in more than two years.
The world's first trillionaire
In March of 2022, a study by Tipalti Approve estimated that Musk was well on becoming the world's first trillionaire by 2024.
“Since 2017, Musk’s fortune has shown an annual average increase of 129%, which could potentially see him enter the trillion-dollar club in just two short years, achieving a net worth of $1.38 trillion by 2024 at age 52,” the Approve report stated at the time. “SpaceX generates massive incomes by charging governmental and commercial clients to send various things into space, including satellites, ISS supplies, and people.”
Today, however, Musk’s fortune is primarily comprised of Tesla stock and options, and troubling times for the car manufacturer translate to troubling times for the CEO. This is not the first time the billionaire’s worth has hit a slump.
In May 2022, Musk’s net worth dropped by $12 billion in just a single day. The billionaire has seen many fluctuations throughout his fortune, so this new low may not be much to worry about.
However, investors in Tesla have expressed concerns as of late that Musk may need to or choose to sell more shares to fund Twitter. There are also rumors circulating that the acquisition of the social media platform could hurt the EV maker's brand.
Tesla shares have lost nearly 60 percent of their value this year, resulting in analysts at Oppenheimer downgraded the shares on Monday. But it wasn’t long ago that Tesla shares were soaring.
Tesla shares sink and soar
In January of 2022, Tesla stocks saw a sudden rise that added over $30 billion to Musk’s tally, placing him at the time at a personal worth of over $100 billion compared to Amazon founder and executive chairman Jeff Bezos.
Furthermore, in October of 2021, Tesla’s performance saw Musk become richer by a whopping $36 billion in one day.
Could the EV manufacturer rise again, taking Musk’s gain to new heights? If the past is destined to repeat itself, that may very well be the case.
In the meantime, Musk can take comfort in knowing that despite some declines, he is still one of the wealthiest men in the world.
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