Major drop in Elon Musk's wealth

Elon Musk’s wealth has fallen below $200 billion for the first time since June. Since the announcement of Tesla’s third-quarter results, Musk’s wealth has dropped by approximately $41 billion.

Tesla’s net profit for the third quarter of this year fell by 44 percent compared to the same period last year, dropping to $1.9 billion. Tesla’s net profit had been $3.3 billion in the same period last year.

The lion's share of Musk’s personal wealth is comprised of his 13 percent stake in Tesla.

Following Tesla's earnings report, there were declines in its stock market shares. Tesla shares closed at $197.36 on Monday, down 4.8 percent, and have shown a 21 percent decline so far this month. However, the stock has increased by 60 percent since the beginning of the year.

STILL THE WORLD'S RICHEST DESPITE THE DROP IN WEALTH

According to Bloomberg’s Billionaires Index, as of October 31, Musk’s estimated wealth fell below $200 billion for the first time since early June, dropping to $193 billion.

Musk’s net worth first reached $200 billion in 2021 and peaked at $340 billion in November of the same year. Since then, Musk’s wealth has been volatile, partly due to fluctuations in Tesla’s shares.

Despite the decline in his wealth, Musk continues to be the richest person in the world. Elon Musk is followed by French luxury goods magnate Bernard Arnault. Arnault currently has a fortune valued at $156 billion.

News Source: 12punto