A week after losing the title of the world’s richest man to French entrepreneur Bernard Arnault, Musk is still dealing with a decline in his fortune. The entrepreneur’s net worth fell by $7.7 billion on Tuesday after Tesla shares fell.
Musk’s losses this year now total $122.6 billion — more than the amount he added to his net worth in 2021. The Tesla CEO is now worth $147.7 billion, the lowest in more than two years, according to the Bloomberg Billionaires Index.
Musk’s capital mainly consists of Tesla shares and options. Part of them Elon, 51, used to finance the purchase of Twitter in October for $44 billion. Since November 2021 (when Tesla shares reached their peak price), Musk has sold a total of $39 billion worth of shares, and now plans to part with another package of securities worth about $3.5 billion, according to a recent filing with the Securities and Exchange Commission (SEC).
Elon Musk sold another block of Tesla shares for $3.58 billion, and the market capitalization of the automaker fell below $500 billion for the first time in 2 years
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Tesla shareholders are increasingly worried about Musk’s Twitter bias. The one who did not rotate the social network with the aim of turning it into a profitable one, but, unfortunately, achieved only the worst results. Advertisers are fleeing the platform due to an onslaught of fake accounts and an imperfect content moderation system.
After all, the billionaire launched a poll in which the majority of users (57% of more than 17.5 million participants) voted for Elon to leave the post of Twitter CEO.
At first, Musk probably hoped to justify such poll results with the participation of bots, then thought about “limited votes” only for privileged subscribers, but later confirmed that he would leave the post of CEO of Twitter, in favor of someone “pretty stupid”.
Elon Musk promises to step down as CEO of Twitter – as soon as he finds a “stupid enough” successor, but does not plan to sell the company
