Elon Musk’s Fortune Falls Below $200 Billion As Tesla Hits 52-Week Low | Forbes
November 8, 2022
24,880
334
69
1.62%
Search the Record
IndexedEvery word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
Forbes Episodes Around November 8, 2022
See what was published immediately before and after this episode.
1:47Now PlayingElon Musk’s Fortune Falls Below $200 Billion As Tesla Hits 52-Week Low | Forbes
YouTube Description
as posted by the channelIn late September 2021, as Tesla shares soared, Elon Musk overtook Jeff Bezos to become the richest person in the world–and the third (after Bezos and Bernard Arnault of French luxury conglomerate LVMH) person ever to be worth at least $200 billion. Now, after an eventful 14 months, Musk’s run in the $200 billion club is over–at least for now.
On Tuesday, as Tesla’s stock hit a 52-week low in early morning trading, Musk’s fortune dropped to an estimated $195.6 billion as of 10 am Eastern. It’s only the second time since October 1, 2021 that Musk has been worth less than $200 billion (his net worth briefly dipped to $199 billion on May 24, 2022 before quickly rebounding).
Though Musk remains the world’s richest person, he is now worth more than $120 billion less than he was on November 4, 2021, when shares of his electric vehicle maker peaked after car rental giant Hertz announced a large Tesla order. And he’s more than $74 billion poorer than he was on April 13, 2022, the day before he went public with his $44 billion hostile takeover bid for Twitter.
By the time Musk was forced to acquire the social media company on October 27, after trying to back out for months, his estimated 82% stake in Twitter was worth nearly 40% less than what he paid for it, according to Forbes’ estimates based on an index of publicly traded social media companies. Luckily for Musk, he quietly amassed a 9% stake in Twitter before he announced his offer to buy the company, when the share price was already low, and he was able to fund part of his acquisition with $13 billion of debt–on Twitter’s balance sheet, rather than his own. Those moves have helped stem his losses on the deal.
Read the full story on Forbes
Subscribe to FORBES
Stay Connected
Forbes newsletters
Forbes on Facebook
Forbes Video on Twitter
Forbes Video on Instagram
More From Forbes
Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
Guests & Subjects Covered
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.