CEO Elon Musk‘s net worth fell to under $200 billion on Tuesday as Tesla shares remained under pressure, as per Teslarati.
Musk’s current estimated net worth is $197.4 billion. Despite this, he continues to have the highest net worth in the world. It is worth noting that Musk’s approximately 15% ownership holding in Tesla significantly contributes to his wealth.
Tesla stocks and its CEO’s net worth
Tesla stocks have been declining in recent months partly due to stockholders selling their shares. Additionally, Musk’s apparent attempt to raise money to help finance his acquisition of Twitter by selling TSLA has an impact.
As of Tuesday’s close, Tesla was valued at nearly $635 billion.
According to Reuters, Tesla’s value and Musk’s net worth have taken significant losses as CEO Musk announced plans to buy Twitter.
In fact, Tesla’s market value has decreased by over 50% since Musk’s April Twitter proposal. On the other hand, about $70 billion has been taken out of Musk’s net worth.
That said, Wall Street also raised some reservations about Musk’s integrity. In light of his recent intense workload with Twitter, one of the questions was whether he could still oversee Tesla.
In fact, recent posts by Musk on the social media platform hardly mention Tesla anymore. His opinions have frequently been about topics like US politics or Twitter. According to Jay Hatfield at Infrastructure Capital Management:
“It seems like Elon Musk is spending 100% of the time on Twitter, and you know, it might need more capital.”
It is no doubt that CEO Musk’s net worth significantly decreased in the recent months of 2022. Nonetheless, he is still significantly wealthier than the world’s second wealthiest man Bernard Arnault, owner of LVMH.
Notably, Arnault’s estimated net worth is $159.8 billion, as per the Forbes Real-Time Billionaires tracker. Meanwhile, Jeff Bezos, a prominent tech giant with a net worth of $113.5 billion, also suffered this year.
Musk must prove to his shareholders and investors that he is still firmly committed to Tesla despite his current Twitter venture. Through this, he can save Tesla stocks and prevent his net worth from decreasing further.
