Elon Musk’s fortune plunges below $200 billion as Tesla shares plummet

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Musk remains the richest person in the world.

Tesla CEO Elon Musk saw his net worth fall below the $200 billion mark. Forbes was the first to report that Tesla shares hit a 52-week low in early morning trading and Musk’s assets fell to about $195.6 billion.

Musk, however, remains the richest person in the world. According to some financial experts, his recent takeover of Twitter has had an impact on Tesla’s stock. Musk’s net worth has now fallen by more than $74 billion.

Analyst Garrett Nelson, CFRA Research, told Forbes, “There are growing concerns that Twitter is becoming more of a distraction for Musk than most had anticipated prior to the deal closing.”

In July, his fortune plummeted by nearly $62 billion. Jeff Bezos saw his net worth fall by about $63 billion. Mark Zuckerberg’s net worth was cut by more than half.

Bloomberg reported that the world’s 500 richest people lost $1.4 trillion in the first half of 2022, a staggering drop that is the sharpest in six months for the global billionaire class.

Meanwhile, Elon Musk sold nearly $4 billion worth of shares in the electric car company, it emerged Tuesday, more than a week after completing his $44 billion acquisition of Twitter.

US Securities and Exchange Commission documents show that Musk, who funded much of his Twitter purchase with Tesla stock, sold more than 19 million shares worth more than $3.9 billion.

In early November, he announced an $8-a-month fee to verify users’ accounts, arguing that the plan would solve the platform’s problems with bots and trolls, while also creating a new revenue stream for the company.

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