Terrible day of billionaire Elon Musk: Losing $ 8.6 billion

According to the latest update of Bloomberg’s Billionaires Index , billionaire Elon Musk ‘s fortune as of November 2022 is still worth a staggering $170 billion, but much less than in the same period last year (peaking at 340 billion dollars). billion USD).

In the past year alone, the Tesla CEO has lost nearly $100 billion – the deepest drop that the Bloomberg Billionaires Index has ever recorded.

The billionaire spent $44 billion to acquire Twitter in a tumultuous deal, but most of his losses were tied to Tesla. On November 21 alone, the fall of Tesla shares caused CEO Musk’s fortune to evaporate about $8.6 billion.

Elon Musk loses $419 million a day in 2021. Photo: Reuters

Shares of the electric carmaker fell 56% last year to their lowest level since November 2020, as the impact of COVID-19 restrictions and a slowing economy in China .

As for Twitter, according to CNBC , billionaire Musk also said that the social network is losing $ 4 million a day and he is willing to try anything to help the platform turn a profit.

Musk’s plan is to charge Twitter users $7.99 for a green “tick” on the account. The new service was met with backlash from many prominent Twitter users and had to be halted shortly after its launch due to several impersonated accounts.

If the service is maintained, about 15 million paying users will generate $120 million in monthly revenue for Twitter. That’s about the money needed to cover a $344 million loss in the last three months, according to Twitter’s July revenue report.

In his first email to all Twitter employees, Musk said “about half” of Twitter’s revenue comes from users, and that this money is used to “survive the coming recession”. The other half could come from ad revenue, but this is especially difficult to predict given how many companies are pausing campaigns on social media platforms.

Twitter’s financial projections are also complicated by thousands of layoffs and multi-million dollar compensation packages for several outgoing executives.

However, the overall picture seems clear: Mr. Musk is reliant on a large number of registered buyers, possibly in the millions.

Currently, Mr. Musk’s annual loss is higher than that of all other billionaires, but the Tesla boss still holds the title of the richest person in the world, more than the second runner-up is French luxury goods magnate Bernard Arnault – chairman. LVMH Moet Hennessy Louis Vuitton – about 13 billion USD. The world’s third-richest person is Gautam Adani, India’s industrial billionaire, with an estimated fortune of $138 billion.

According to Bloomberg’s Billionaires Index, Musk’s fortune surpassed Amazon founder Jeff Bezos (the fourth richest person) by about $ 54 billion and surpassed Microsoft co-founder Bill Gates (the fifth richest person) by about $ 57 billion.