When being rich, your wealth count can change in a couple of days, and even in a single day – like Elon Musk’s just did.
The controversial billionaire, and the CEO of the successful Tesla company, Elon Musk, was the only person in the world to breach the milestone of $200 billion. He held that place since October.
Even though Musk drops below the $200 billion checkpoint, he is still the richest person in the world. He is leading the Forbes board with a difference of about $70 billion to the second in place, Bernard Arnault.
Elon’s wealth is largely basing itself on the shares in Tesla and SpaceX companies. And with the inflation and the current world happenings, these two are not the only ones to lose worth. In just 6 months’ time, since January, both of these companies drop by more than $70 billion. Tesla is a gigantic company. Its worth, at the best times, was more than $1 trillion, but now sits at around $750 billion.
Elon Musk Left The $200 Billion Club – His Fortune Drops $12 Billion In One Day
This is not the first time that Elon fluctuates around the $200 billion number. Once before, in February this year, the billionaire’s worth dropped slightly below the milestone number. However, he managed to get back with his introduction of the Berlin and Austin production sites.
The cause for these fluctuations in the wealth of the billionaires is the current world happenings. As well as the ongoing tremendous inflation. What adds ‘fuel’ to the fall of Elon’s wealth is his announcement that he gets into the deal for acquiring the social media company Twitter. Back in April Elon announced that he will proceed with the $44 billion takeover bid and this is what starts the additional fall of his other companies. The public, the Tesla fans, as well as the shareholders in the automotive company, are concerned that the billionaire will focus more on the social media now, and ‘neglect’ his first ‘child’, Tesla.
Several months ago Musk already warned the public of a global recession. According to him, this is just the start of it. In the months to come, we will indeed feel the recession and inflation that will reach record-breaking highs. Furthermore, he shares somewhat of a controversial stance on the matter, saying that recession might be a good thing as well.
“I think we probably are in a recession and that recession will get worse. But you know, these things pass, and then there will be boom times again.” – The billionaire shares an optimistic view of the situation.
“Recessions are not necessarily a bad thing. I’ve now been through a few of them. And what tends to happen is if you have a boom that goes on for too long, you get misallocation of capital. It starts raining money on fools. Basically, it’s like any damn thing gets money and I’m sure you’ve seen a few of those.” – he adds.
“So somebody gets just out of control. And you just have a misallocation of human capital where people are doing things that are silly and not useful to their fellow human beings.” – He adds. “Watch your cash flow and get positive cash flow as soon as you can.”
So, take this as free advice from the richest person in the world and use it in your favor.
https://www.youtube.com/watch?v=hq8gcceWQA4
