Musk's net worth has been wiped out by the unraveling of his stock in the company.
As of December 23, Musk's fortune was $139 billion, making him the second wealthiest person in the world.
An estimated $7 billion to $8 billion of Musk's net worth will be wiped out by Tuesday's sell-off of his stock in the company. His wealth destruction so far this year is about 140 billion.
The co- founder and CEO of the luxury goods company, Bernard Arnault, has reclaimed his position as the world's richest person. The third richest man in the world is an Indian businessman.
The net worth of Musk peaked earlier this year. More investors are concerned about his commitment to running the electric vehicle maker while also juggling his other business ventures as a large part of the decline in his stock price is related to that.
The stock price of Musk's company has dropped since he completed his acquisition of the micro-messaging service. Musk has sold billions of dollars of his company's stock.
Growing concerns of an economic recession in 2023, which would likely put a dent in the company's sales growth, is one of the factors hurting the company's stock price.
The most valuable asset of Musk is his equity stake in the company. According to the report, Musk's stake in the company is worth about 40 billion dollars, while his options are worth about 28 billion.
About half of Musk's purchase price for the social media company is accounted for by the next most valuable asset owned by Musk, according to a new report. Musk said in October that he and the other investors were paying too much for the company.
A $3.3 billion value was assigned to Musk's stake in The Boring Company by the end of the day.
The decline in the company's stock has created fortunes for those who bet against it. S3 says that the most profitable short of the year will beTesla, which will make mark-to-market profits of fifteen billion dollars.
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