According to Forbes, after spending 44 billion USD to buy Twitter, billionaire Elon Musk spent the first year to restructure, fire many employees and change the company's name to X.
According to Bloomberg, the X platform is in huge financial trouble under the leadership of Elon Musk.
Once again, the billionaire made a controversial statement on social network X, causing many large companies to be angry and not want to continue placing advertising orders on this social network platform.
To generate new revenue, Elon Musk is trying to move to a subscription service with upgraded packages that have fewer ads and more features on the X.
Elon Musk has lost billions of dollars this year as his electric car company’s stock plummeted. According to Bloomberg, Tesla shares fell 9.7% on July 20, wiping out $20.3 billion from Musk’s fortune in just one day.
Tesla shares plunged after the company reported its lowest quarterly profit margin in four years, as Tesla continued to slash prices on its electric vehicles. Musk said at a board meeting that he would continue to cut prices if interest rates continued to rise.
Elon Musk once lost up to $200 billion between November 2021 and January 2023 because Tesla's stock price fell sharply. But this year's crisis was created by Elon Musk himself.
Billionaire Elon Musk also failed this year with the world's most powerful rocket. In November 2023, the two-stage rocket of Elon Musk's company was launched from the Starbase spaceport in Texas (USA). The rocket propelled the Starship to an altitude of 148km for a 90-minute test launch into space and back to Earth.
However, the Super Heavy stage 1 booster, despite achieving important results in separating the Starship core, exploded in the Gulf of Mexico shortly afterwards. Billionaire Musk is the founder, CEO and chief engineer of SpaceX.
Despite the losses, Elon Musk is still the biggest earner of the year, according to Forbes. Tesla's electric car company shares rose more than 100%. SpaceX, an aerospace company, was valued at $150 billion in July and is now worth $180 billion. Thanks to these two companies, Elon Musk's assets have increased sharply.
His current fortune is $254.9 billion. In one year, this billionaire pocketed an additional $108.4 billion.
On the Forbes list, other billionaires who made a lot of money last year included Mark Zuckerberg, who added $74.8 billion, Jeff Bezos, who added $65 billion, and Prajogo Pangestu, who added $47.9 billion.
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