Elon Musk Net Worth: How Does the Business Magnate Remain the Wealthiest Person in the World Despite Losing Billions?

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Elon Musk is now the wealthiest person in the world with his billions of net worth. However, his fortune has rapidly decreased after expressing his interest in buying Twitter.

Despite losing billions, Elon Musk seems not to mind, though. He remains the richest person in the universe and is now in his bid to conquer it. So, how much fortune he still has?

Elon Musk’s Way to be a Billionaire

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The business magnate was born in South Africa but attended a university in Canada before transferring to the University of Pennsylvania. He graduated with a bachelor’s degree in physics and economics.

He then launched Zip2, one of the earliest online navigation services, and reinvested a portion of its proceeds to create X.com. The said online payment was eventually sold to eBay Inc and later known as Paypal Holdings Inc.

Come 2004, he became a major funder of Tesla Motors, now known as Tesla, in which he currently sits as a CEO. Aside from its electric automobiles, Tesla also sells energy storage devices, automobile accessories, and solar power systems after acquiring Solar City in 2016.

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In addition, Elon Musk is also known as the CEO and chief engineer of Space Exploration Technologies or SpaceX, a space launch rocket developer.

With his hard work, Tesla’s shares increased to 740% in 2020, per Investopedia, resulting in upping the investor’s wealth rankings.

Tesla then joined the S&P 500, becoming the largest company added. Tesla’s shares continuously surged in 2021, while private transactions also boosted the value of SpaceX.

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This made Elon Musk top the global wealth rankings. His net worth peaked in November 2021 at $340 billion.

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However, he started a campaign to take Twitter private in April 2022, culminating in a $44-billion buyout.

He planned to fund the deal with $21 billion of his own capital and sold 9.6 million shares of Telsa, valued at about $8.5 billion.

The Substantial Decrease of Elon Musk’s Net Worth

While Elon Musk is busy with his political plans and answering the “wactivists” on Twitter, Tesla is experiencing a decrease in its share price to its lowest level of the year. This results in a substantial loss of about $12.3 billion from his net worth.

From a six percent drop, it now goes down to 28% since he revealed his interest in buying Twitter on April 14. This means his net worth has also sunk by $49 billion after making his $44 billion offer.

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Despite that, though, he remains the richest man in the world, per Bloomberg Billionaires Index.

Elon Musk’s net worth is still at $210 billion, which is about one percent of the U.S. GDP, Fortune noted.

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