Since buying Twitter, Musk has made very few tweets on Tesla (Credits: Reuters)
Elon Musk’s net worth dropped below $200 billion but he’s still the world’s richest person.
The proud new owner of Twitter is also the largest shareholder of electric car company Tesla which has taken a hit as investors dumped Tesla shares.
Musk now has a net worth of $194.8 billion, according to Forbes, with a big share of that coming from his nearly 15% stake in Tesla, which has a market value of $622 billion.
The company has lost nearly half its market value and his net worth has dropped by $70 billion since he bid for Twitter in April.
Investors initially fled Tesla on worries over share sale by Musk, who has sold at least $15 billion worth of stock. He closed the $44-billion deal last month with $13 billion in loans and a $33.5 billion equity commitment.
Elon Musk’s net worth dropped below $200 billion but he’s still the world’s richest person (Credits: Reuters)
Now Wall Street fears that Musk has stretched himself too thin at a time when Tesla is ramping up production and faces rising competition.
Since buying Twitter, Musk has made very few tweets on Tesla, a practice that helped him gain traction on the platform.
He has instead used Twitter to announce plans for the social media company such as the $8 per month subscription for blue tick verification.
The net worth of the world’s richest person, who also owns rocket company SpaceX, is roughly $40 billion more than the second richest person, LVMH-owner Bernard Arnault.
MORE : Elon Musk mulls Twitter paywall amid reports he’s ‘unblocked’ himself from people’s accounts
MORE : Dorsey and Musk sound off on Twitter about changes to the app
He’s still the world’s richest person.
