Elon Musk has had more than $110 billion wiped off his fortune by the steep decline in Tesla’s share price this year.
Musk’s riches peaked at just over $320 billion in November last year, but Forbes estimated this week that his net worth, which is largely linked to Tesla stock is now about $209 billion.
Tesla has fallen 46% since January and closed on Friday at $214, valuing the company at $672 billion. It hit the trillion-dollar mark in October last year.
After selling some shares in the electric car maker earlier this year, Musk now holds 155 million Tesla shares, or a stake of just under 15%.
Last year he sold $31 billion worth of stock in Tesla to help pay for his $44 billion Twitter takeover. Forbes included the $31 billion in his net worth, excluding taxes, as the deal has not yet completed.
After he announced his plan to buy Twitter in April, Tesla shares hit the skids. His wealth shrunk from $302 billion in April to $216 billion in June, but recovered to $279 billion in August.
Since then, his net worth has slowly declined as he fought to kill the Twitter deal.
Elon Musk’s Twitter deal could leave banks stuck with $US13 billion in debts, making it the biggest stalled deal in history. According to sources familiar with the issue, the banks helping fund Musk´s $US44 billion-dollar deal include Morgan Stanley, Bank of America, and Barclays.
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The Tesla and Space CEO’s fortune has fallen by 35% in less than a year and is down by $28 billion this month alone, but he remains the world’s richest person.
Despite his wealth taking a hit, Musk is $80 billion better off than Bill Gates and $71 billion ahead of Jeff Bezos.