Elon Musk Is No Longer The World’s Richest As His Net Worth Crashes To New Low

Elon Musk is not going to be a happy man after recent stats about his wealth go public regarding a major net worth crash of $124 Billion this year.

The billionaire reached his lowest level since figures estimated in 2020 as revealed by Bloomberg recently.

The famous Twitter Chief Tesla CEO is now worth $148 billion as stated in the Billionaire’s Index. That makes him the world’s second richest person, a position that was delineated last week. At number one, it’s Bernard Arnault who managed to push Musk far away from the top spot.

It’s all thanks to Tesla’s shares whose major decline in value on Tuesday saw Musk’s wealth go down by a staggering $8 billion. Moreover, the shares were seen at a new 61% low since figures recorded in January of this year. Since then, they’ve fallen by 12% in just last week.

Musk was seen chanting about the news in public, claiming the blame should be put on the current interest rates which have forced traders to sell shares as money becomes a more attractive feature for them.

But critics and analysts kept firm on the argument that purchasing Twitter has forced Musk to be more distracted and occupied with other things that takes him away from putting his attention on Tesla.

This news is definitely a shocker for obvious reasons. We know Musk’s fortune has really fallen down drastically in 2022. And it wouldn’t be wrong to mention that he has not had a very positive and insightful 2022.

The net worth of the billionaire began to increase during the start of the pandemic and that’s when it peaked at a staggering $340 billion in 2021. But then in January, we saw it fall down again to $270 billion and the figure continued to fluctuate. As a whole, it’s really been a downward trajectory.

For those who may not be aware, most of Musk’s wealth is majorly dependent on the likes of shares from Tesla. While he may not be taking a salary from there, he does receive awards in the form of stock options whenever his firm appears to be going through some challenging phase.

Other than that, we know he’s the CEO of Space X and had founded a few other firms of his own like Neuralink and PayPal. But in October of this year, he made headlines with the purchase of Twitter which came at an overwhelming cost of $44 billion and also allotted him with the title of being the company’s CEO after he fired the former.

Now, we are hearing more news on Twitter getting a replacement for the role of CEO. It comes as Twitter users voted in a new poll that requested the current chief to step down. He vowed to do so, only when a suitable replacement was found. And at the moment, he claims there appears to be no one in the pipeline.

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