Elon Musk has lost $123 billion this year as shares of Tesla plunge. But he still has a lot of money

Elon Musk’s fortune continues to decline a week after he lost his position as the richest person in the world.

His net worth fell $7.7 billion on Tuesday after Tesla Stocks had their biggest daily drop since October.

The sell-off adds to the woes for Musk, who lost his position as the world’s richest person to luxury goods mogul Bernard Arnault on December 13. Musk’s losses this year totaled $122.6 billion. , exceeding his earnings in 2021 when his fortune skyrockets to $122.6 billion. ranks among the largest in history. The Tesla CEO’s net worth is now $147.7 billion, the lowest level in more than two years, according to the report. Bloomberg Billionaire Index.

Musk’s assets mainly consist of Tesla stock and options. The carmaker’s soaring share price poses particular risk to Musk, 51, who has leveraged more of his position to fund acquisitions. Twitter in October.

Tesla shareholders have expressed growing concern about Musk’s preoccupation with Twitter, which he is trying to lead through a messy and public shift. He posted a poll on Twitter asking users to vote on whether he should step down as head of the social platform. Nearly 58% of the 17.5 million respondents said he should do so.

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