Elon Musk loses over $120 billion, what does the future hold for him?

According to a Bloomberg estimate, Elon Musk’s fortune has dropped by 124 billion USD this year. This is the lowest level he has reached since 2020 and his overall net worth is currently 148 billion USD.

Alone, on Tuesday, his wealth fell by USD 8 billion as Tesla’s shares fell. The firm’s stock fell 12% last week and overall 61% since January 2022. Based on Bloomberg’s estimates, this is the first time since 2020 that its net worth is this low.

When the pandemic began, his fortune began to rise. By November 2021, his fortune reached a whopping $340 billion. By January of this year, his fortune had already fallen to $270 billion.

Elon Musk also lost his position as the world’s richest person last week, with Bernard Arnault replacing him.

Why is Tesla’s stock down?

While Musk continues to blame rising interest rates for the stock’s decline, others say he’s been spending too much time on Twitter. Tesla’s third-largest individual stockholder, KoGuan Leo, tweeted a while back that Tesla was left without a CEO as Musk abandoned Tesla. He also called for Musk to step down from Tesla.

Tesla stock is the main source of Musk’s wealth. Tesla does not pay him a salary, but when the company meets aggressive performance targets, he is granted stock options.

Companies owned by Musk

Elon Musk acquired Twitter this year by paying 44 billion USD and took the position of CEO. He recently held a poll to see if he should step down as head of the microblogging platform. The result was not what he expected, the majority of respondents said yes.

Musk is also the CEO of Space X. He also founded or co-founded Neuralink and The Boring Company. He is also the founder of PayPal, formerly X.com.