Elon Musk’s fortune collapse
January 12, 2023 - Elon Musk’s net worth has plummeted by more than $200 billion over the past 13 months, from $338bn in November 2021, one of the biggest wealth losses in recent history.
The tech tycoon lost more than half of his fortune between November 2021 and December 2022, according to the Bloomberg Billionaires Index, mainly due to the collapse of Tesla stock during that time.
After topping the rich list for most of the year, Musk lost his place to the French business magnate Bernard Arnault last month.
According to Bloomberg, Musk’s net worth peaked at $338bn in November 2021, coinciding with the fortunes of Tesla. Most of Musk’s wealth is in Tesla stock, the value of which plummeted 65% in 2022.
Despite the losses, Tesla remains the world’s most valuable car maker. In an email to Tesla staff, Musk wrote that he believed Tesla would become “the most valuable company on Earth.”
“Don’t be too bothered by stock market craziness,” he wrote, according to Reuters. “As we demonstrate continued excellent performance, the market will recognise that.”