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22 Oct, 2022 10:56

Elon Musk lost over $100 billion in a year – Forbes

The world’s richest man has reportedly shed a third of his wealth since November 2021
Elon Musk lost over $100 billion in a year – Forbes

Tesla CEO Elon Musk lost more than $100 billion in less than a year, Forbes magazine reported on Friday.

Musk’s fortune has fallen nearly 35%, from $320.3 billion on November 4 last year to $209.4 billion on Thursday, mainly due to a sharp drop in the price of Tesla stock, Forbes explained, citing its calculations. This month alone, Musk’s fortune is down $28 billion, the magazine added.

“He sells high priced cars, so a recession will not be good for his business,” Matt Maley, chief market strategist at investment consultancy Miller Tabak + Co., said in an email to the magazine.

Musk’s controversial plans to buy Twitter, and selling Tesla stock to do that, is turning off investors, who believe he’s acting irresponsibly and overpaying, Forbes adds.

Not to worry, though, he’s still the wealthiest person in the world.

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