Elon Musk Drops Out of $200Bln Club for First Time Since Last Year as Tesla Shares Waver
10:25 GMT 09.11.2022 (Updated: 13:01 GMT 14.04.2023)
© AFP 2023 / JIM WATSON
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Since Elon Musk began his bid to buy Twitter in April, shares in Tesla have taken a major hit and dropped to a 52-week low this week. This will account for the multi-billionaire's fortune falling by more than $72Bln since hitting its peak in September 2021, as revealed by Forbes' real-time billionaires' tracker.
The assets of Tesla and SpaceX founder Elon Musk have fallen below $200Bln for the first time since September last year - as of Wednesday, he's only worth $197.4Bln.
US financial experts suggested that the twin factors which are responsible for the fall in his fortune are a massive dip in Tesla shares and Musk selling his stock to fund his recent acquisition of Twitter.
The electric car-maker's shares dropped to their lowest levels in more than a year this week.
According to a filing submitted to the US Securities and Exchange Commission (SEC) on Tuesday, Musk also sold $4Bln of Tesla shares after his Twitter takeover late last month.
Earlier, he sold $15.5Bln Tesla shares to assemble funds to purchase the micro-blogging website.
Despite the slide in Musk's fortune, he is still the richest person in the world.
With assets worth $197.4Bln, he's in top spot by a $38Bln margin as Bernard Arnault, chairman and chief executive of French luxury conglomerate LVMH Moet Hennessy-Louis Vuitton languishes in second place with a fortune of $159.3Bln. India's Gautam Adani is in third spot with a fortune of $144.4Bln.
US financial experts suggested that the twin factors which are responsible for the fall in his fortune are a massive dip in Tesla shares and Musk selling his stock to fund his recent acquisition of Twitter.
The electric car-maker's shares dropped to their lowest levels in more than a year this week.
According to a filing submitted to the US Securities and Exchange Commission (SEC) on Tuesday, Musk also sold $4Bln of Tesla shares after his Twitter takeover late last month.
Earlier, he sold $15.5Bln Tesla shares to assemble funds to purchase the micro-blogging website.
Despite the slide in Musk's fortune, he is still the richest person in the world.
With assets worth $197.4Bln, he's in top spot by a $38Bln margin as Bernard Arnault, chairman and chief executive of French luxury conglomerate LVMH Moet Hennessy-Louis Vuitton languishes in second place with a fortune of $159.3Bln. India's Gautam Adani is in third spot with a fortune of $144.4Bln.
