Saturday, March 18, 2023

Elon Musk fortune has fallen by more than $100bn in less than year 

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Market Desk (online)Elon Musk, the founder of SpaceX and Tesla still holds the position of the world’s richest man after losing a huge amount of money. In less than a year, he lost more than US$ 110mn. He basically lost this money as Tesla’s share price fell. This information was reported in Business Insider on Sunday.

Elon Musk’s wealth rose to US$320.3bn in November last year. However, according to a Forbes report this week, Elon Musk’s wealth has dropped to US$209.4bn. These figures came to the fore as Tesla shares fluctuated. Tesla shares are down 46 percent since January.

According to the latest transaction data, the company’s value stands at $672bn. However, in October last year, its value reached a trillion dollars. After selling some shares earlier this year, Elon Musk has a total of 155 million Tesla shares, less than 15% of the total.

“He sells high-priced cars, so a recession will not be good for his business,” says Matt Maley, chief market strategist at Miller Tabak + Co, in an email.

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