The Tesla CEO has seen his fortune drop after a sharp drop in the value of his shares in the electric car company this year.
| Elon Musk, once worth as much as $US340 billion , has been displaced as the world’s richest person byMr Musk, 51, has seen his fortune tumble by more than $US100 billion since January to $US163.1 billion, according to the Bloomberg Billionaires Index. As of 11:50am in New York, that’s less than the $US170.6 billion net worth of Mr Arnault, 73, whose wealth largely derives from his 48 per cent ownership of fashion giant LVMH.
But his agreement coincided with the Federal Reserve and other central banks embarking on their most aggressive round of monetary tightening in a generation, slashing the valuations of high-flying companies like Mr Musk’s Tesla. The electric carmaker’s stock is down more than 50 per cent this year.Mr Musk tried for months to get out of the Twitter deal, but failed. He offloaded more than $US15 billion in Tesla shares — about $US8.5 billion in April, then another $US6.
Mr Musk has pledged to turn around the social-media platform, but he faces several challenges — some of his own making. He blasted Apple and threatened to withhold Twitter from its App Store at a time when other companies were already pulling their advertising from the site. As Tesla’s stock price slides, Mr Musk’s stake in Space Exploration Technologies has become an increasingly important part of his fortune. It’s worth $US47 billion, based on the June funding round that valued the private company at about $US125 billion.
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