Tesla CEO Elon Musk saw his net worth fall below the $200 billion mark. Forbes was the first to report that the shares of Tesla hit a 52-week low in early morning trading, and Musk's assets dropped to roughly $195.6 billion.
However, Musk remains the world's richest person. According to some financial experts, his recent acquisition of Twitter has impacted Tesla's stock to suffer. Musk's net worth has now dropped by over $74 billion.
Analyst Garrett Nelson, CFRA Research told Forbes, "There are growing concerns that Twitter is turning into more of a distraction for Musk than most anticipated prior to the deal closing."
In July, his fortune plunged by almost $62 billion. Jeff Bezos saw his wealth tumble by about $63 billion. Mark Zuckerberg's net worth was slashed by more than half.
Bloomberg reported that the world's 500 richest people lost $1.4 trillion in the first half of 2022, a dizzying decline that marks the steepest six-month drop ever for the global billionaire class.
Meanwhile, Elon Musk sold nearly $4 billion worth of shares in the electric car company, SEC filings showed Tuesday, more than a week after he closed his $44 billion acquisition of Twitter.
The US Securities and Exchange Commission documents show Musk, who financed much of his Twitter purchase with Tesla stock, sold more than 19 million shares worth in excess of $3.9 billion.
In early November, he announced an $8 per month charge to verify users' accounts, arguing the plan would solve the platform's issues with bots and trolls while creating a new revenue stream for the company.