 "Elon Musk's net worth sinks to two-yr low as Twitter CEO loses $7.7 billion")
Elon Musk’s fortune continues to take a beating a week after he lost his spot as the world’s richest person.
His net worth tumbled $7.7 billion on Tuesday after Tesla Inc. shares had their steepest one-day loss since October.
The selloff adds to the woes of Musk, who lost his status as the world’s richest person to luxury tycoon Bernard Arnault on Dec. 13. Musk’s losses for the year now total $122.6 billion, exceeding the amount he gained in 2021 when his fortune soared to rank among the biggest in history. The Tesla chief executive officer’s net worth is now $147.7 billion, the lowest in more than two years, according to the Bloomberg Billionaires Index.
Musk’s fortune is primarily comprised of Tesla stock and options. The automaker’s spiraling shares pose a particular risk for Musk, 51, who leveraged more of his position to finance his acquisition of Twitter in October.
Tesla shareholders have expressed increasing alarm over Musk’s preoccupation with Twitter, which he’s attempting to lead through a messy and public turnaround. He posted a poll on Twitter asking users to vote whether he should step down as head of the social platform. Almost 58% of the 17.5 million respondents said he should.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%