(ORDO NEWS) — Billionaire Elon Musk’s stats have shrunk by more than $100 billion in 11.5 months. However, he is still the richest billionaire in the world.
What’s up with Musk’s fortune
Musk’s fortune has declined significantly in almost a year. At the same time, he is $60 billion richer than the head of LVMH, Bernard Arnault, who occupies the second line in the Forbes ranking.
Bernard Arnault’s fortune is estimated at 148.1 billion dollars.
Why did Musk lose weight in a year?
Elon Musk’s fortune has dwindled over the year for several reasons, including the decline in Tesla shares and the company’s mixed financial report for the last quarter and the purchase of the social network Twitter.
In October, Elon Musk’s fortune decreased by $28 billion.
They are now valued at $209.4 billion.
In November 2021, Musk became the first billionaire in history with a net worth of over $300 billion. As of November 4 last year, they were valued at $320.3 billion.
Tesla earnings and Twitter purchase
Last week, Tesla released its financial report for the third quarter (July-September), showing revenues of $21.45 billion.
Despite the fact that they are 1.6 times higher than last year’s income, it turned out to be lower than expected.
Recall that Wall Street predicted $22 billion. Since November last year, the billionaire’s fortune has fallen by almost 35% after the decline in Tesla shares.
So not the last role in the rapid decline in Musk’s fortune was played by the deal to buy the social network Twitter. To fund this deal, he sold $31 billion worth of Tesla shares.
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