Elon Musk’s fortune is melting
Elon Musk’s fortune fell below $200 billion for the first time since June.
Musk’s fortune has fallen by about $41 billion since Tesla announced its third-quarter results.
Tesla’s net profit fell 44 percent to $1.9 billion in the third quarter of this year compared to the same period last year. Tesla’s net profit in the same period last year was $3.3 billion.
The bulk of Musk’s personal wealth is his 13 percent stake in Tesla.
After Tesla’s balance sheet, its stock market shares fell. Tesla shares closed down 4.8 percent at $197.36 on Monday and are down 21 percent so far this month. But shares are up 60 percent since the beginning of the year.
DESPITE THE DECREASE IN HIS WEALTH, HE IS STILL THE RICHEST IN THE WORLD
According to the Bloomberg Billionaires Index, Musk’s estimated wealth fell to $193 billion as of Oct. 31, falling below $200 billion for the first time since early June.
Musk’s net worth first reached $200 billion in 2021 and peaked at $340 billion in November of the same year. Musk’s fortunes have become shaky since then, in part due to fluctuations in Tesla stock.
Despite the decline in his fortune, Musk remains the richest person in the world. Elon Musk is followed by French luxury manufacturer Bernard Arnault. Arnault currently has a fortune valued at $156 billion.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
