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.
So far this year, data showed that Tesla shares have declined over 50%
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 before the deal closing.”
He’s $60 billion richer than LVMH chief Bernard Arnault and $71 billion richer than Amazon founder Jeff Bezos.
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.
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