As a result of the sharp decrease in Tesla’s stock price this year, Elon Musk has had more than $110 billion wiped off his wealth. This is more than Sergey Brin, the co-founder of Google has seen his entire net worth of $107 billion wiped off.
Forbes estimated last week that Musk’s net worth, which is mostly related to Tesla shares, is currently around $209 billion. Musk’s wealth reached an all-time high of little more than $320 billion in November of the previous year.
Tesla’s share price has dropped by 46% since January and finished the week at $214, giving the business a market value of $672 billion. In October of the previous year, it passed the one trillion dollar threshold.
Following the sale of a portion of his investment in the electric vehicle manufacturer earlier this year, Musk now owns 155 million Tesla shares, which corresponds to a holding of slightly under 15%.
Even if his wealth has decreased by 35% in less than a year and has decreased by $28 billion in this month alone, the CEO of Tesla and SpaceX is still the richest person in the world.
In spite of the fact that his fortune has decreased, Musk is still in a stronger financial position than Bill Gates and is $71 billion ahead of Jeff Bezos.
In order to help pay for his purchase of Twitter, which cost him $44 billion, he sold $31 billion worth of Tesla shares the year before. Forbes put the $31 billion in his net worth, but taxes were not taken into account since the transaction has not yet been finalized.
In April, he made public his intention to acquire Twitter, which caused a precipitous drop in the price of Tesla shares. His net worth dropped from $302 billion in April to $216 billion in June, but it rose to $279 billion in August after first falling to $216 billion.
Since that time, his efforts to prevent the acquisition by Twitter have resulted in a gradual decrease in his net worth.
Musk has negotiated financing totaling $12.5 billion, but the project still needs billions more to be finished. He is now looking for assistance from investors and may have to sell Tesla shares next week that are valued between $5 billion and $10 billion.
This week, the automaker disclosed sales figures for the third quarter that were lower than anticipated, coming in at $21.5 billion rather than the $22.1 billion that was predicted by analysts.
A request for comment that was sent to Tesla outside of regular business hours did not get an instant response from the company.