Toni Dimaano Tech 11.23.2022 00:Nov AM EST

Elon Musk's Wealth Plummets By $8.6 Billion in One Day, $100 Billion This Year

CEO Elon Musk's net worth takes a dive as he lost $100 billion this year, bringing him to somewhere between $170-$182 billion from an estimate of $340 billion in November 2021.

According to Gizmodo, the billionaire's wealth continues to go down as the shares decreased in his electronic company Tesla to a two-year low this week, bringing his value down by $8.6 million in one day.

Musk's Net Worth Continues To Take A Hit

When tech stocks were at its peak last year, Tesla's shares soared and gave the CEO a net worth of $340 billion as he owned a 15% stake at the company.

However, with the growing economic recession hitting the tech industry hard, the electronic car company's stock decreased by as much as 59%.

This comes at a time where there is a slow down in the demand for electric vehicles after the company ordered several recalls that hurt its sales.

It can be remembered that the CEO also sold nearly $15.5 billion worth of his Tesla stock to fund his acquisition of Twitter earlier this month.

According to Barron's, on Monday, Tesla's stock closed at $167.97, down 6.8% from the lowest it has been in November 2020 when stocks closed at $163.20.

Business Insider also notes that it is important to remember that Musk's net worth drop comes at a time where Tesla's stock price has been under pressure due to broad sell offs in the tech market.

This is following an economic downturn that concerns many in the tech industry, along with the Federal reserve's aggressive interest rate increases.

Because of this, his net worth continues to diminish with his $44 billion buyout of Twitter, which is the largest acquisition of a technology company in history.

MSN says that as Twitter lost 60% of its workforce, investors have been raising concerns about whether the billion is taking too many high profile ventures.

Musk Remains As The World's Richest Man Despite Of It All

Critics claim that the dependence of Tesla on Musk is becoming a risk factor in the company's security since it does not have the CEo's full time and attention.

However, the serial entrepreneur assures investors that he is working as much as he can to make sure that his companies are in good condition.

Because of this, Musk still remains as the wealthiest person in the world, whose net worth is 227,272 times greater than that of an average household in the US, Fortune reports.

Musk is not the only tech executive to suffer a net worth dive as Meta CEO Mark Zuckerberg's fortune dropped by $83.5 billion this year, and Binance CEo Changpeng Zhao lost $81.9 billion.

Furthermore, Amazon founder Jeff Bezos and Alphabet co-founder Larry Page also experienced significant financial declines, according to Gizmodo.

At the moment, Musk is competing for the title of the richest person in the world against runners-up Bernard Arnault, and Indian business magnate Gautam Adani.