It hasn’t been a good year for the bank account of Elon Musk.
Tesla, has been taking hit after hit, and X hasn’t been doing well either.
This has severely affected his personal wealth, and yet despite plummeting stocks and billions going missing, Musk is still incredibly well off.
Elon Musk was at his wealthiest in November 2021, when his net worth hit a mind-boggling $320 billion.
Yesterday Tesla’s stocks dropped by a shocking 5.5%.
As Musk owns about 13% of Tesla shares, this meant his net worth took a tumble too.
This setback is due to a combination of factors.
The electric vehicle industry in general isn’t doing as well this year as investors had hoped, with both Tesla and its competitors posting disappointing financial results.
This means analysts have less faith in the industry and are thus lowering their recommendations for the stock.
Tesla is also dealing with supply chain issues, most notably around the Cybertruck.
The first deliveries of the truck are due to take place at the end of the month, but after years of delays, the faith of the public is wavering.
Another factor is rising scrutiny of the company’s self-driving technology.
Critics have safety concerns about the autonomous capabilities of Teslas.
Tesla is now worth $659.6 billion and even though this is still an eye-watering amount, but considerably less than the $1.2 trillion it was once worth.
And Musk himself is down another $8.7 billion.
Still, he probably won’t care much because, with a net worth of $223.7 billion, he’s still the richest person alive by a long margin.
Just below him is LVMH owner Bernard Arnault with $184.9 billion.
To be knocked from his spot Musk would have to do something really crazy.
Like buying a whole bunch of private jets.
Or investing all his money into brain chips for humans.
Watch this space.