Elon Musk’s wealth has declined by more than $100 billion this year.
Elon Musk is in danger of losing his long-held title of world’s richest individual on Wednesday morning following months of tumult at Twitter and his various other business interests.Forbes’ real-time billionaires listMusk had regained a slight edge over Arnault later Wednesday morning, only to lose the top spot again. Forbes estimated Arnault’s wealth at $185.8 billion and Musk’s fortune at $185.4 billion as of 11:35 a.m. ET.
Musk’s wealth drain occurred on a day in which shares of his electric vehicle firm Tesla slipped nearly 4%. Tesla’s stock, which comprises the bulk of Musk’s estimated wealth, has fallen nearly 60% since January as recession fears and macroeconomic uncertainty grip investors.Tesla investors have expressed frustration this year as Musk became embroiled in a media firestorm over his $44 billion acquisition of Twitter. Musk has sold Tesla shares on multiple occasions to fund the takeover.
Musk had held the top spot on Forbes’ list since September of last year. His wealth peaked at an all-time high of $320.3 billion on November 4, 2021.by more than $100 billion
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