Thursday, November 30, 2023

Business

Musk says not making $142,690 every minute, losing ‘way more’

IANS | October 01, 2023 01:44 PM

NEW DELHI: Tech billionaire Elon Musk on Sunday refuted reports that he makes $142, 690 every minute, or $8, 560, 800 an hour, saying he is losing more money whenever Tesla stock nosedives.

Replying to a user, the X owner said such reports rely on “silly metrics”.

“It’s not a giant pile of cash. I really just own stock in the companies that I was instrumental in creating, ” Musk posted.

He said that technically, he “loses” way more than “every time Tesla stock randomly drops”.

The report had claimed that Musk’s net worth went up an average of about $2, 378 per second during that three-year period.

“That's $142, 680 a minute, or $8, 560, 800 an hour. If he went to bed for eight hours, he'd wake up the next morning to find himself $68, 486, 400 richer, ” the report had claimed.

The Tesla and SpaceX CEO witnessed a staggering increase of $96.6 billion in his net worth from January to June 2023.

He is currently the world’s richest man with $248.7 billion in net worth.

Musk currently has a 23 per cent stake in Tesla. A significant portion of his wealth, around two-thirds, is tied to Tesla's success.

Musk made headlines in October, 2022, when he purchased Twitter for $44 billion.

Earlier this year, the billionaire became the first person to lose $200 billion in net worth in a period of 13 months.

According to a Bloomberg report, Musk saw his wealth drop to $137 billion following a recent drop in Tesla shares. The shares of his electric car company went down nearly 65 per cent.

Musk saw his fortune peak in November 2021, hitting $340 billion, before a massive drop.

Have something to say? Post your comment