Elon Musk’s net worth has been slashed to almost half of what it was at its highest point one year ago.
At its peak last year his net worth was $340 billion dollars, according to Bloomberg. While his net worth may have plummeted, he is still the richest man alive with $177 billion dollars.
Tesla stock has seen a 53% drop this year, eliminating $600 billion in market capitalization, according to USA Today.
At the start of 2020 shares were worth $30 each, and last November they’d reached a peak of $410.
On Wednesday, the market opened with Tesla at $190 per share.
Also dropping in Musk’s world is the workforce for Twitter after he purchased it. Out of the 7,500 employees, Musk cut around 3,700 of them.
This isn’t specific to Twitter though; Meta, Snapchat and Netflix all cut their workforce and Amazon is not on a hiring freeze.
Musk claimed that he needed to cut his workforce while the company continues to lose $4 million dollars per day. He blamed the loss on activist groups pressuring advertisers over content moderation.
Many advertisers paused purchasing ads. This includes General Motors, Pfizer, Volkswagon, and Jeep.
In the last year Musk has sold off around $36 billion dollars in Tesla stock. He also just sold just under $4 billion in Tesla stocks between last Friday and Tuesday.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].