He is still the second-richest individual on the planet.
For the most part of 2022, Elon Musk was the wealthiest person in the world. However, as the year draws to a close, Musk has lost the top spot as his personal fortune has diminished by a whopping $132 billion this year,2021 was a terrific year for Elon Musk. As the world grappled with issues arising out of the pandemic, Musk's electric vehicle-making companyand caught the eye of investors taking its stock value to record highs.
On Tuesday, the stock dropped another 10 percent in valuation marking a 72 drop since the beginning of the year. Musk's fortune, which was largely tied to his stake in Tesla, has also shrunk by $140 billion, considering the latest drop, perAlthough the markets are also following a downward trend due to tightening fiscal policy from the U.S.
The drop in Tesla's valuation is losing Musk money every day, but it is also making money for those who are betting against the company. According to Markets Insider, Tesla is a favorite among short sellers and is making them billions as its prices continue to fall. Musk, who appeared to be heading away from Twitter management last week for a brief period, is back posting memes on the platform again.
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