Elon Musk, who is the richest man in the world, became poorer by more than 100 billion dollars this year, Bloomberg reported on Tuesday.
According to the news agency’s calculations, Musk’s net worth fell by $100.5 billion overall, more than anyone on the Bloomberg 500 Billionaires list. Despite the big loss, the entrepreneur is still the richest man on the planet with a fortune of $169.8 billion.
Musk lost $8.6 billion on Monday alone as shares of his electric car maker, Tesla, fell to their lowest level in two years.
Elon Musk has already eliminated several employee benefits at his latest acquisition, Twitter. For example, performance allowances, as well as health, training, and home internet contributions, as well as kindergarten allowances, have been abolished. According to reports, these benefits will be restored as soon as the company’s management sees that the company’s financial situation is improving.
At the beginning of October, Elon Musk acquired Twitter for 44 billion dollars, then immediately fired several members of the management and began a serious downsizing. Elon Musk justified the downsizing by saying that it is necessary to balance the management of the social media company because it is currently losing $4 million a day.