Elon Musk Lost $100 Billion In Less Than A Year: Report

FREMONT, CA — In November 2021, Elon Musk became the first person in history to grow their fortune to $300 billion. But according to a new report in Forbes, the tide has turned against the Tesla CEO since then.

Musk’s fortune peaked at $320.3 billion on November 4 last year. Last week, that number fell to $209.4 billion, a drop that can almost entirely be blamed on that of the price of Tesla stock, according to Forbes.

Luckily for Musk, even losing $100 billion wasn’t enough to dethrone him as the wealthiest person in the world. In fact, according to Forbes, Musk is still $71 billion richer than Amazon founder Jeff Bezos.

But investors are feeling the strain as Musk opts to continue to sell Tesla stock to help fund his bid to buy Twitter and make it private, according to the report. As Tesla investors shake in their boots, Musk is putting tens of billions of dollars into his effort to take over the social media platform.

“The problem for Tesla investors is that more stock sales are likely by Musk to fund this deal, which we believe will go down as one of the worst, most overpaid M&A deals in the history of the market,” Wedbush analyst Dan Ives said, according to Forbes.

Read the full report on Forbes.