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Elon Musk’s Net Worth Falls Below $200 Billion As Tesla Hits 52-Week Low

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Elon Musk's Net Worth Falls Below $200 Billion As Tesla Hits 52-Week Low

(CTN News) – On Tuesday, investors sold off shares of Tesla Inc (TSLA.O), the world’s most valuable producer of electric vehicles, on the assumption that Elon Musk, the company’s chief executive and major shareholder, was more focused on Twitter.

As a result, Elon Musk’s net worth fell below $200 billion.

Forbes estimates that Elon Musk’s current net worth is $194.8 billion, with a significant portion coming from his approximately 15% ownership in Tesla, which has a market value of $622 billion.

Since his offer for Twitter in April, the company’s valuation has decreased by almost half, and his personal wealth has decreased by $70 billion.

Due to Musk’s share sales totalling at least $15 billion, investors originally deserted Tesla. With $13 billion in loans and a $33.5 billion equity investment, he completed the $44 billion transaction last month.

Wall Street is now concerned that Musk has overextended himself at a time when the creator of electric vehicles is ramping up production and facing more competition.

“Elon Musk appears to be focusing exclusively on Twitter, and you know, it could require additional funding,” said Infrastructure Capital Management’s Jay Hatfield.

Elon Musk hasn’t tweeted much about Tesla since he bought Twitter, even though this strategy helped him earn followers there. Instead, he has made announcements about social media firm intentions through Twitter, including the $8 monthly fee for blue tick verification.

The owner of SpaceX and the wealthiest man in the world, Elon Musk, has a net worth of around $40 billion more than Bernard Arnault, owner of LVMH, who comes in second place.

In midday trading, Tesla shares were down 2% at $193.7 for the third consecutive session.

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