Elon Musk, the tech mogul and entrepreneur, has seen his fortune shrink drastically in the past year. This is largely due to the steep slide of Tesla shares, which lost roughly 65% of their value during the company’s worst year on record. This has been enough to knock him off his perch as the world’s richest man, a title now held by luxury goods magnate Bernard Arnault.
The drop in Tesla’s stock price has been largely attributed to a number of factors, including a lack of profitability, production delays, and regulatory issues. Musk’s own behavior has also been called into question, with some accusing him of reckless tweeting and a lack of transparency.
In addition to the stock price drop, Musk has also been hit with a series of legal issues. In 2018, he was sued by the Securities and Exchange Commission (SEC) for making false and misleading statements about taking Tesla private. The SEC ultimately settled the case, requiring Musk to pay a $20 million fine and step down as chairman of the company.
Musk has also been criticized for his generous spending habits. He has invested in a number of high-profile projects, including SpaceX, The Boring Company, and Neuralink. He has also been known to purchase luxury items, such as a $70 million Gulfstream jet and a $4.5 million McLaren F1.
Despite the losses, Musk still remains one of the world’s wealthiest individuals. According to Forbes, he is currently worth an estimated $26.6 billion. However, this is still a far cry from his peak net worth of $175 billion in January 2020.
It is clear that Elon Musk has suffered significant losses in the past year. His shrinking fortune is largely due to the steep slide of Tesla shares, as well as his own legal issues and spending habits. While he is still one of the world’s wealthiest individuals, his fortune is a far cry from its peak of $175 billion.