Elon Musk misplaced $123 billion this 12 months as Tesla’s shares tanked. However he nonetheless has some huge cash left

Elon Musk’s fortune continues to take a beating per week after he misplaced his spot because the world’s richest individual.

His internet price tumbled $7.7 billion on Tuesday after Tesla shares had their steepest one-day loss since October.

The selloff provides to the woes of Musk, who misplaced his standing because the world’s richest individual to luxurious tycoon Bernard Arnault on Dec. 13. Musk’s losses for the 12 months now whole $122.6 billion, exceeding the quantity he gained in 2021 when his fortune soared to rank among the many largest in historical past. The Tesla chief government officer’s internet price is now $147.7 billion, the bottom in additional than two years, based on the Bloomberg Billionaires Index.

Musk’s fortune is primarily comprised of Tesla inventory and choices. The automaker’s spiraling shares pose a specific threat for Musk, 51, who leveraged extra of his place to finance his acquisition of Twitter in October. 

Tesla shareholders have expressed rising alarm over Musk’s preoccupation with Twitter, which he’s making an attempt to steer by way of a messy and public turnaround. He posted a ballot on Twitter asking customers to vote whether or not he ought to step down as head of the social platform. Nearly 58% of the 17.5 million respondents stated he ought to.

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