Elon Musk has seen his net worth nearly cut in half from last year’s peak. Here’s some numbers that illustrate what’s going on with the fortune of the (still) richest person on Earth.
Musk’s net worth has fallen to $177 billion after reaching a peak of $340 billion last year, according to Bloomberg.
According to Bloomberg’s Billionaires Index, Musk is still the richest person in the world, ahead of Amazon’s Jeff Bezos whose net worth is listed at $113 billion.
Tesla, Musk’s electric vehicle company, has seen its stock plunge 53% this year, wiping out about $600 billion in market capitalization, according to Markets Insider.
Shares when from $30 at the start of 2020 to a peak of $410 last November. Tesla stock opened at $190 on Wednesday morning with a market capitalization of $582 billion.
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One of Musk’s first moves after purchasing Twitter for $44 billion on Oct. 27 was to announce massive layoffs. Those cuts took place Friday with 3,700 out of about 7,500 employees being laid off.
Twitter wasn’t the only tech company laying off workers this month. Meta, Snapchat and Netflix also laid off workers while Amazon imposed a hiring freeze.
$4 million per day
That’s how much Musk said Twitter was losing as of Friday, a week after he purchased the company. He blamed the loss of revenue on “activist groups pressuring advertisers” over content moderation concerns.
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Musk held a “Twitter spaces” conversation Wednesday in order to speak to advertiser concerns which had more than 95,000 listeners about a half hour in.
“I don’t think having hate speech next to an ad is great,” Musk said. This came days after he threatened a “thermonuclear name & shame” campaign against any advertisers that leave the site.
Is Elon Musk selling Tesla stock?
Most of Musk’s net worth is tied to Tesla stock, which as noted, has plunged in value this year.
He’s also sold off about $36 billion in Tesla stock over the past year, according to Reuters, including 19.5 million shares valued at just under $4 billion between last Friday and Tuesday U.S. Securities and Exchange Commission filings show.
Tesla investors may fear Musk has become less focused on the automaker as he spends time on the Twitter deal, both Bloomberg and Market Insider reported.
They also may be anticipating him selling more shares to finance that purchase, which could drag down Tesla’s stock price further.