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Elon Musk’s net worth has dropped by $100 billion this year. Why over here

According to Forbes, Elon Musk’s net worth has come down to an estimated $195.6 billion. Musk’s net worth fell on Tuesday, hitting its lowest level this year.

According to a Forbes report, this is the second time since October 1, 2021, that his net worth has fallen below $200 billion, except for a brief drop of $199 billion in May this year.

His net worth is still astronomical—and enough to cement his place as the richest man in the world—but Musk was once worth a lot. Forbes says his estimated worth in January was $304.2 billion. At the time, his net worth had grown to about $32.6 billion as Tesla stock soared.

Of course, this was before Musk began acquiring Twitter in April. in August, He sold about 8 million Tesla shares – Worth $7 billion – As the legal battle with Twitter began. After Musk tried to back down, Twitter sued Musk for enforcing the terms of his takeover agreement. Musk then counterattacked, accusing the company of fraud, breach of contract and a securities law violation.

a judge case stopped To close the deal, and last month, Musk officially acquired the company for $44 million.

The Twitter acquisition was an uproar. Musk recently sold another $4 billion worth of stock to close the gap on the deal — even though he said he was “selling Tesla stock,” according to Wedbush analysts.

And this week, he sold another 19.5 million Tesla shares — $3.9 billion — in three days, according to a filing with the Securities and Exchange Commission, Forbes reports. He has sold $19.3 billion in Tesla shares since April. That, combined with the decline in Tesla’s share price, contributed to the decrease in his net worth.

Musk not only lost credibility with investors over his acquisition of Twitter, but also scolded him for the changes he promptly made to the social media company. Many feared that their changes to the content ban would allow hate speech on the platform. He too top executives fired And a huge bunch of employees. and that Introduced “Twitter Blue” – A subscription to a blue checkmark that will cost users $7.99 per month – as a way to increase revenue.

Musk’s net worth is made up of his stock and ownership of six companies he co-founded, including Tesla, SpaceX and The Boring Company. According to Forbes, when he unloaded a ton of Tesla stock, he still owns $445.6 million in Tesla shares, excluding options.

After taking the company private with additional support from a $12.5 billion loan from a group of big banks including Morgan Stanley and Bank of America, he now owns an estimated 82% of Twitter.

He is still ahead of the second richest people in the world, French billionaire Bernard Arnault and his family, who own the fashion house LVMH. His net worth is estimated at $159.8 billion. The third richest Indian is billionaire Gautam Adani, who gets his net worth of $144.7 billion from infrastructure and goods. In fourth place is Amazon and Blue Origin founder Jeff Bezos, who are worth $110.7 billion.

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