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Elon Musk's net worth cut nearly in half as Tesla stock prices dive

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Elon Musk's net worth has nearly been cut in half since its peak last year. Here are some numbers that show what's going on with the fortune of the world's (still) richest person.

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$177 billion

According to Bloomberg, Musk's net worth has dropped to $177 billion from a high of $340 billion last year.

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According to Bloomberg's Billionaires Index, Musk is still the world's richest person, ahead of Amazon's Jeff Bezos, who has a net worth of $113 billion.

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53%

According to Markets Insider, Tesla, Musk's electric vehicle company, has seen its stock fall 53% this year, wiping out approximately $600 billion in market capitalization.

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Shares increased from $30 at the start of 2020 to $410 last November. On Wednesday morning, Tesla stock opened at $190, with a market capitalization of $582 billion.

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3,700

Musk announced massive layoffs as one of his first moves after purchasing Twitter for $44 billion on Oct. 27. These layoffs occurred on Friday, with 3,700 of the approximately 7,500 employees laid off.

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Twitter was not the only tech company to lay off employees this month. Meta, Snapchat, and Netflix all laid off employees, while Amazon put a hiring freeze in place.

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$4 million per day

That's how much Musk claimed Twitter was losing a week after he bought the company. He attributed the revenue loss to "activist groups pressuring advertisers" over content moderation concerns.

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According to the Wall Street Journal and Bloomberg, some advertisers have paused ad purchases on the platform, including General Motors, Pfizer, Volkswagen, and Jeep maker Stellantis NV.

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Musk held a "Twitter spaces" conversation Wednesday to address advertiser concerns, which drew over 95,000 listeners after about a half-hour.

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"I don't think it's great to have hate speech next to an ad," Musk said. This came just days after threatening advertisers who leave the site with a "thermonuclear name and shame" campaign.

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