Elon Musks fortune continues to take a beating a week after he lost his spot as the worlds richest person.
His net worth tumbled $7.7 billion on Tuesday after Tesla shares had their steepest one-day loss since October.
The selloff adds to the woes of Musk, who lost his status as the worlds richest person to luxury tycoon Bernard Arnault on Dec. 13. Musks losses for the year now total $122.6 billion, exceeding the amount he gained in 2021 when his fortune soared to rank among the biggest in history. The Tesla chief executive officers net worth is now $147.7 billion, the lowest in more than two years, according to the Bloomberg Billionaires Index.
Musks fortune is primarily comprised of Tesla stock and options. The automakers spiraling shares pose a particular risk for Musk, 51, who leveraged more of his position to finance his acquisition of Twitter in October.
Tesla shareholders have expressed increasing alarm over Musks preoccupation with Twitter, which hes attempting to lead through a messy and public turnaround. He posted a poll on Twitter asking users to vote whether he should step down as head of the social platform. Almost 58% of the 17.5 million respondents said he should.
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