New Delhi: Tech billionaire Elon Musk on Sunday refuted reports that he makes USD 142,690 every minute, or USD 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 Elon 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 USD 96.6 billion in his net worth from January to June 2023.
He is currently the world’s richest man with USD 248.7 billion in net worth.
Elon 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 USD 44 billion.
Earlier this year, the billionaire became the first person to lose USD 200 billion in net worth in a period of 13 months.
According to a Bloomberg report, Musk saw his wealth drop to USD 137 billion following a recent drop in Tesla shares. The shares of his electric car company went down nearly 65 per cent.
Elon Musk saw his fortune peak in November 2021, hitting USD 340 billion, before a massive drop.