According to estimates from Forbes, Musk's net worth is between $170 billion and $182 billion, a decrease of between $100 billion and $200 billion. There was an estimated $340 billion in November 2020. Musk's wealth was reduced by about $8.6 billion in just one day, as his company's stock price fell to a two-year low.
It has been reported that Musk has a 15 percent stake in the company. He sold a large amount of his stock in order to finance his purchase of the social networking site.
There have been revenue decreases due to the ongoing covid-19 restrictions in China and a recent recall of 300,000Tesla vehicles due to faulty taillights. His net worth took a hit after he acquired the social networking company.
Musk had to defend a package of payments that was handed to him in court. The lawsuit was filed by Richard Tornetta, a shareholder in the electric car maker, who claimed that the board gave Musk an overly generous pay package even though he was only spending half his time at the company. The claims that he is spreading himself too thin have been amplified by his new hobby as chief twit.
Despite the setbacks, Musk is still the wealthiest person in the world. Musk is not the only tech executive whose net worth has gone down this year, as Meta CEO Mark Zuckerberg, Amazon founder Jeff Bezos, andAlphabet co-founder Larry Page have all experienced financial setbacks according to the report.
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