Musk, 51, has seen his wealth plummet to $137 billion after Tesla shares tumbled in recent weeks, including an 11% drop on Tuesday. His fortune peaked at $340 billion on November 4, 2021, and he remained the world’s richest person until he was overtaken in December by Bernard Arnault, the French tycoon behind luxury goods powerhouse LVMH (see graphic).
Tesla’s dominance in electric cars, the foundation of its lofty valuation, is in jeopardy as competitors catch up. It was offering US consumers a rare $7,500 discount to take delivery of its two highest-volume models before year-end, while also reportedly reducing production at its Shanghai plant.
Meanwhile, with pressure on Tesla intensifying, Musk has been preoccupied with Twitter, which he acquired for $44 billion in late October. The decline in Tesla shares has been so steep – the shares fell 65% in 2022 – and Musk has sold so much this year to help cover his Twitter purchase, that they’re no longer his biggest asset. Musk’s stake in his closely held Space Exploration Technologies, at $44.8 billion, exceeds his approximately $44 billion position in Tesla stock (he still has options worth an estimated $27.8 billion). Musk now owns 42.2% of SpaceX, according to a recent filing.
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