News Forum - Elon Musk sees net worth plummet by US$100 billion after Tesla shares hit record low

[Thaiger]

Elon Musk has reportedly seen his fortune cut by over US$100 billion this year, but he is still the richest person in the world. According to Fortune, the CEO of Tesla has a net worth of between US$170 billion to $182 billion, edging him slightly ahead of Bernard Arnault, the founder of luxury goods giant LVMH. Arnault reportedly has a net worth of US$157 billion. Musk’s decrease in net worth came as Tesla’s shares came crashing down after peaking in November 2021. During that time, Musk was reportedly worth US$340 billion. The only other competitor for the world’s richest person […]

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[Shade_Wilder]

"Elon Musk sees net worth plummet by US$100 billion after Tesla shares hit record low"

I am a great believer in free-market economics and a great fan of Elon Musk, at least most of the time; PayPal, Tesla, Space X, etc. are gifts to us all.

But...

Don't you just love it when obscenely rich people take a good swift kick to the... wallet?

555!

[Guphz]

On 11/24/2022 at 6:21 AM, Shade_Wilder said:

Don't you just love it when obscenely rich people take a good swift kick to the... wallet?

He's still obscenely rich. Furthermore, this loss of wealth was mostly theoretical. He didn't lose actual cash in the bank. It's just that his wealth is basically his ownership stake in various companies.

[Soidog]

1 hour ago, Guphz said:

He's still obscenely rich. Furthermore, this loss of wealth was mostly theoretical. He didn't lose actual cash in the bank. It's just that his wealth is basically his ownership stake in various companies.

That’s true of all multi billionaires. Who keeps even 1 billion in a bank, let alone 130 billion.  Buffet, Gates, Bezos, Musk etc. their estimated value fluctuates on a minutes by minute basis. I think the point of the story is that in Musks case, his stock holding suffered the biggest falls. The media report it in this way as most people are thick as pig sh*t and wouldn’t otherwise understand.   

[Pinetree]

and I sometimes worry about my credit card bill  Its all relative I suppose.