Elon Musk Lost One-Third Of His Fortune!

American Forbes announced that the world’s richest person, Elon Musk, lost hundreds of billions of dollars and even lost a third of his wealth. Here are the details…

SpaceX founder and Tesla owner Elon Musk has lost a third of his fortune since early November 2021, when his net worth peaked at $320.3 billion.

In 11.5 months, Musk’s wealth decreased by 35 percent. According to the publication, in October alone, the billionaire’s capital fell by $ 28 billion and is currently estimated at $ 209.4 billion.

His fortune collapsed after the drop in Tesla shares. On October 19, the company released its third-quarter financial report, which turned out to be worse than investors expected. Tesla reported revenue of $21.5 billion, below Wall Street’s estimate of $22 billion. Matt Maley, chief market strategist at Miller Tabak, explained that Musk’s capital cuts were also driven by fears of a US recession.

In addition, the billionaire’s losses are associated with the deal to buy the social network Twitter, in which he sold Tesla shares for $ 31 billion. The publication says investors are concerned about Musk’s chaotic actions regarding Tesla shares. Also, according to the publication, investors believe that Elon Musk is seriously overpaying for the social network. Experts say the deal could be one of the worst in the history of the market.

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