Elon Musk’s Net worth Increases To $250bn, Bemoans Twitter Advertising Revenue Loss

Billionaire businessman, Elon Musk’s net worth has recently risen to a whopping $250.4bn, putting a gap of more than $10bn between himself and the second richest man in the world, LVMH CEO, Bernard Arnault.

Musk’s wealth is earned primarily due to his 23 per cent ownership of automobile manufacturing company, Tesla, which experienced an increase in share prices recently as they rose from $277 to $281.38.

As such, his net worth has risen by about $11bn. According to the Forbes real-time billionaires list, he was worth $239 billion five days ago.

This comes as Musk recently spoke up regarding how Twitter has lost almost half of its advertising revenue since he acquired the platform for $44bn last year. The platform is currently worth about half of that.

In a tweet, he stated that the platform is still negative on cash flow due to the loss in advertising revenue.

“We’re still negative cash flow, due to ~50 per cent drop in advertising revenue plus heavy debt load. Need to reach positive cash flow before we have the luxury of anything else,” he tweeted.

He however noted that usage of the app was still on the rise, tweeting that usage was up 3.5% from the previous week.

Musk is also the owner of Space X, a privately held space exploration company that is currently valued at $127bn.