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Elon Musk’s fortune takes a hit, loses $100 billion in less than a year

In less than a year, Elon Musk’s net worth has decreased by more than $100 billion.

Elon Musk, a successful American businessman, attained the title of the wealthiest person in history in November 2021. His fortune was then estimated by Forbes magazine to be $ 320.3 billion.

But a year has seen a lot of change. Musk lost 35% of his money in 2022.

According to Insider, his wealth is now valued at $209.4 billion. The entrepreneur holds shares in Tesla, and the reason for this was a dramatic decline in the price of those shares.

The company’s sales nonetheless fell short of certain analysts’ projections, according to the most recent statistics that have been made public.

The purchase of the social network Twitter was another factor in Elon’s revenue declining.

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Wedbush analyst Dan Ives said, “The difficulty for Tesla investors is that Musk is likely to sell additional shares to finance this acquisition, which we think will go down in history as one of the worst and most overvalued in the history of the market.

However, Elon Musk’s current issues don’t stop there. The US may investigate the entrepreneur’s firms’ sources of funding for potential danger to the nation’s security as a result of his Twitter tweets on the end of the war in Ukraine, which sparked an unfavorable response from the public.

According to Bloomberg, the Joe Biden administration is worried by Musk’s cordial relationship with Russia and his threats to stop providing Ukraine with Starlink satellite broadband.

Source: The Times Hub

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Written by Alex Bruno

Freelance space writer Alex Bruno specializes in covering China's quickly expanding space industry. In 2021, he started writing for SpaceXMania. He also contributes to publications including SpaceNews, IEEE Spectrum, National Geographic, Sky & Telescope, and New Scientist. When Alex was a small child, he first experienced the space bug after seeing Voyager photographs of alien planets in our solar system. When not in space, Alex likes to go trail jogging in the Finnish countryside.

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