Huileng Tan

<ul><li>Elon Musk's wealth has come under pressure since Tesla reported third-quarter earnings.</li><li>Musk has an estimated $193 billion fortune as of October 31, per Bloomberg's Billionaire Index.</li><li>He remains the world's richest person, leading LVMH boss Bernard Arnault, who is worth $156 billion.</li></ul>

Musk — whose 13% stake in Tesla accounts for the lion's share of his personal wealth — has seen his fortune tumble by around $41 billion since Tesla reported <a href="https://www.businessinsider.com/tesla-earnings-q3-report-live-updates-guidance-analyst-call-stock-reaction-2023-10?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1d5pksg*_ga*NDgwMjA2NjgxLjE2NjM3MjgwMjY.*_ga_E21CV80ZCZ*MTY5ODcyOTUxMC42MC4xLjE2OTg3Mjk2NTUuNjAuMC4w">disappointing third-quarter results</a> and an <a href="https://www.businessinsider.com/tesla-earnings-mini-disaster-stock-price-wall-street-analyst-2023-10?amp=&amp;utm_medium=ingest&amp;utm_source=markets">earnings call</a> on October 18 that one Wall Street analyst dubbed a "mini disaster."&nbsp;His estimated net worth was $234 billion before the electric vehicle makers' latest quarterly report card.&nbsp;

Tesla's share price took a nearly <a href="https://markets.businessinsider.com/news/stocks/elon-musk-wealth-net-worth-decline-q3-tesla-earnings-miss-2023-10">10% hit</a> following the earnings and has since extended its decline. <a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_medium=ingest&amp;utm_source=markets">Tesla shares</a> closed 4.8% lower at $197.36 on Monday, down 21% so far this month. However, the stock is up 60% so far this year.

Musk's net worth first hit $200 billion in 2021 and reached a peak of $340 billion in November of the same year. The tycoon's fortune has been volatile since then in part due to fluctuations in Tesla's stock.

Despite the slide in his net worth this time, Musk is still the world's richest person ahead of Bernard Arnault, the boss of luxury retail giant LVMH Mot Hennessy Louis Vuitton. Arnault is now worth $156 billion.

Arnault's fortune has also come under pressure from a decline in LVMH's stock price as consumer spending on luxury goods — which has been enjoying a boom since the pandemic — shows <a href="https://markets.businessinsider.com/news/stocks/luxury-recession-boom-consumer-spending-lvmh-stock-price-us-economy-2023-10">signs of ebbing.</a>

LVMH's share prices are down over 6% so far this month and are down 1.3% so far this year.

Tesla CEO Elon Musk and the Tesla factory in Fremont, California.Nathan Howard and Justin Sullivan via Getty Images

<a href="https://www.businessinsider.com/category/elon-musk">Elon Musk's</a>&nbsp;net worth is under pressure — the CEO of Tesla is worth $193 billion as of October 31, according to latest estimates by&nbsp;<a href="https://www.bloomberg.com/billionaires/">Bloomberg's Billionaire Index.</a>&nbsp;It's the first time his fortune has dropped under $200 billion since early June.

Elon Musk's wealth just dropped below $200 billion for the first time since June

<ul><li>Twitter usage has hit an all-time high, Elon Musk tweeted on Monday.</li><li>Twitter also told some advertisers that daily user growth has hit "all-time highs," per the FT.</li><li>Over a million users have left the platform in the week following Musk's takeover, per Bot Sentinel.</li></ul>

On Monday, Musk tweeted that usage of Twitter is "at an all-time high lol," adding that he hopes the servers do not melt.

<q>—Elon Musk (@elonmusk) <a href="https://twitter.com/mims/statuses/1589784884666859520">November 8, 2022</a></q>

Research firm Apptopia told <a href="https://www.businessinsider.com/twitter-usage-downloads-grow-since-elon-musk-take-over-2022-11">Insider's Kali Hays</a> on Monday that average daily downloads of Twitter and daily average usage have both surged since <a href="https://www.businessinsider.com/elon-musk-twitter-takeover-timeline-details-2022-11">Musk's takeover</a> of the company.

"It's like a car accident on the highway," said Adam Blacker, Apptopia's director of content. "People like to stop and watch."

Twitter's daily user growth also reportedly hit "all-time highs" amid Elon Musk's takeover drama, <a href="https://www.ft.com/content/b8dfedb7-dcb8-4ca3-be74-3ac59376d59b">The Financial Times</a> reported on Tuesday, citing an email sent to some advertisers.

The social media's monetizable daily user growth grew more than 20% from a year ago last week, the email stated, per the FT. In the second quarter of 2022, Twitter reported <a href="https://investor.twitterinc.com/financial-information/quarterly-results/default.aspx">237.8 million monetizable daily users</a>&nbsp;— a 16.6% on-year growth.

"Twitter's largest market, the US, is growing even more quickly," according to the email seen by the FT.

But it's far from all good news for Twitter.

The company has laid of thousands of <a href="https://www.businessinsider.com/elon-musks-twitter-identifies-thousands-who-will-be-laid-off-2022-11">employees</a>, and it's losing advertisers. Some advertisers have <a href="https://www.businessinsider.com/companies-ads-twitter-advertising-elon-musks-takeover-2022-11">suspended advertising on the platform</a> over concerns about Twitter's new leadership and the drama surrounding Musk's acquisition.

More than 1.3 million users left Twitter after Musk's acquisition, <a href="https://www.technologyreview.com/2022/11/03/1062752/twitter-may-have-lost-more-than-a-million-users-since-elon-musk-took-over/">MIT Technology Review reported Thursday,</a> citing a <a href="https://www.businessinsider.com/elon-musks-twitter-takeover-sees-one-million-users-leave-report-2022-11">Bot Sentinel&nbsp;</a><a href="https://www.businessinsider.com/elon-musks-twitter-takeover-sees-one-million-users-leave-report-2022-11">report</a>, an independent platform that tracks disinformation and targeted harassment on Twitter.

While some of those users — including <a href="https://www.businessinsider.com/shonda-rhimes-celebrities-leave-twitter-elon-musk-takeover-social-media-2022-10">celebrities</a> like Shonda Rhimes and Sara Bareilles — quit Twitter of their own volition, other accounts were either suspended or terminated. Among the suspended and terminated accounts are <a href="https://www.businessinsider.com/elon-musk-actors-banned-twitter-accounts-change-names-impersonate-2022-11">actors and celebrities</a> who changed their name to "Elon Musk" on Twitter.

On Monday, <a href="https://twitter.com/elonmusk/status/1589390597798125568?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1589390597798125568%7Ctwgr%5Ea1644b77ed16503bcfe9dae110b1970cdd084c15%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Fmusk-said-comedy-now-legal-twitter-jokes-getting-users-suspended-2022-11">Musk said</a> that "any Twitter handles engaging in impersonation without clearly specifying 'parody' will be permanently suspended."

Twitter did not immediately respond to Insider's request for comment.

Elon Musk acquired Twitter for $44 billion.Adrees Latif/Reuters

Twitter has been in a state of <a href="https://www.businessinsider.com/elon-musk-twitter-layoffs-rehire-come-back-2022-11">chaos</a> since Elon Musk finalized his $44 billion <a href="https://www.businessinsider.com/elon-musk-twitter-reach-agreement-to-close-acquisition-deal-2022-10">purchase</a> of the company, but the billionaire says users are logging onto the platform now more than ever.

Musk says Twitter usage is 'at an all-time high,' but a report shows that more than 1 million accounts have been deactivated or suspended since his takeover

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Huileng Tan

Articles written by the author

Elon Musk's wealth just dropped below $200 billion for the first time since June

Musk says Twitter usage is 'at an all-time high,' but a report shows that more than 1 million accounts have been deactivated or suspended since his takeover