Sunday, Jul 03, 2022

Elon Musk Continues To Be World’s Richest With Net Worth Of $299 Billion

Elon Musk is still the world’s richest person with $299 billion net worth, even after selling $5 billion Tesla stock

Despite losing a sizeable chunk of his net worth due to the severe fall in Tesla stocks, CEO Elon Musk continues to be the world’s richest person, as per the Bloomberg Billionaire Index.

Tesla chief recently sold around $5 billon of shares in the electric carmaker. After that, his net worth went down to $288 billion on November 9, down by $35 billion. However, within a span of one day, it increased by nearly 3.9 per cent on November 10. His latest net worth stood at $299 billion on November 10, according to Bloomberg Billionaire Index. However, Musk’s lead over Jeff Bezos as the world’s richest person dropped to $98 billion, on November 10. His year-to-date change has been up by nearly 76 per cent, as compared to November 2020, with a change of $130 billion, as recorded on November 10.

Musk tweeted on 6 November, asking his 63 million Twitter followers whether he should sell 10 per cent of his stake in Tesla. He created a poll and the majority of his followers voted in favour of selling shares.

Musk tweeted on November 7, “I will abide by the results of this poll, whichever way it goes. Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.” In the poll, more than 57 per cent voted in favour of selling.

Thereafter, the stock dropped by nearly 12 per cent on November 9 in a multi-day selloff. The company’s position was vulnerable in the $1 trillion club, but later it managed to recover 4.3 per cent on November 10.

Tesla is an American electric vehicle and clean energy company, with its headquarter based in Palo Alto, California, US. Tesla is known for designing and manufacturing electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services.