During the pandemic period Elon Musk He ended up distinguishing himself by becoming one of the people who was able to generate the most money (in assets and share value more than in bills) on the planet. Which led him to become the richest man in the world technically.
However, the situation has not been easy for the subject in recent months. We have published right here multiple counts about how everything indicates that he would have ended up being forced to buy Twitter against his will.
What has kept the platform in an extreme situation, where Musk would be constantly looking for a way to capitalize on his investment and make it profitable as soon as possible. This has caused serious disagreements with the user community itself.
For a long time there has been speculation about Elon’s behavior pattern to favor his finances by playing with the value of his stock shares to try to inflate them to the maximum possible and thus sell them at the highest possible cost.
That would be part of the secret of his fortune. But it seems that formula simply won’t work if you have too many companies on your hands and their market value shrinks with just about any act or saying.
Elon Musk stops being the person with the most money on the planet because of Teslas (and himself)
According to the folks at Forbes and their website which is dedicated to putting together the ranking of the richest people in the world in real time, Elon Musk would have received a strong monetary blow, losing a fortune that would now place him in second place in this top.
As many will remember in a previous report that we made here at FayerWayer, Elon Musk provoked strong criticism among Tesla Motors investors, after he broke his promise not to continue selling shares of his automotive company to keep Twitter afloat.
It was made public that during the week the executive actually sold $3.6 billion in participations, a considerable figure that was obviously going to have consequences.
In fact, Tesla’s stock market value ended up falling 6.3%, which ultimately depreciated Elon’s fortune with the automaker’s shares that he did retain.
So Musk’s fortune is now worth around USD $178,000 million. Meanwhile, Bernard Arnault, chief executive of the LVMH luxury goods group, would amass a fortune of $188 billion.
In the end, those USD $3.6 billion that Musk obtained translated into 22 million Tesla shares that were diluted among different owners. Which, added to the rest of the factors, still depreciated its value.
This is how Tesla ended the week with a market capitalization of less than $500 billion, its worst number in two years.
For the same reason, there are already people asking for Elon’s head so that he definitively abandons his position at Tesla.