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Elon Musk sets the record straight: Not making $142,690/minute, but facing greater losses

Elon Musk refutes earning $142,690 per minute, emphasizing he loses more when Tesla stock falls. He dismisses such claims as based on "silly metrics," stating that his wealth is primarily tied to stock ownership in companies he co-founded.

Saumya Nigam Edited By: Saumya Nigam @snigam04 New Delhi Published on: October 01, 2023 14:01 IST
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Image Source : FILE Elon Musk sets the record straight

Tech billionaire Elon Musk has denied claims that he earns $142,690 every minute, clarifying that he loses more money when Tesla stock drops. Musk responded to a user, stating that such reports rely on "silly metrics" and that he primarily owns stock in the companies he helped create.

He explained that he technically loses substantial sums each time Tesla stock experiences a random drop. This response comes after reports suggested Musk's net worth increased by an average of about $2,378 per second over three years, equating to $142,680 per minute or $8,560,800 per hour. According to these reports, if he slept for eight hours, he'd wake up $68,486,400 richer.

Musk's net worth soared by $96.6 billion from January to June 2023, making him the world's richest individual with a net worth of $248.7 billion. Notably, 23 per cent of Musk's wealth is tied to his stake in Tesla.

In October 2022, Musk made headlines by purchasing Twitter for $44 billion. However, earlier this year, he became the first person to lose $200 billion in net worth within 13 months. His wealth dropped to $137 billion following a significant decrease in Tesla shares, which plummeted by nearly 65 per cent.

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Musk's fortune peaked at $340 billion in November 2021 before experiencing a substantial decline.

This statement underscores the volatility of Musk's wealth, primarily driven by his significant holdings in Tesla and the fluctuations in the company's stock value.

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Inputs from IANS

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