'It’s not a giant pile of cash': Elon Musk clarifies he does not make $142,680 a minute

Tech billionaire Elon Musk on Sunday refuted reports that he makes $142,690 every minute, or $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."

A report had claimed that Musk's net worth went up an average of about $2,378 per second during a 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 $96.6 billion in his net worth from January to June 2023.

He is currently the world's richest man with $248.7 billion in net worth.

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 $44 billion.

Earlier this year, the billionaire became the first person to lose $200 billion in net worth in a period of 13 months.

According to a Bloomberg report, Musk saw his wealth drop to $137 billion following a recent drop in Tesla shares. The shares of his electric car company went down nearly 65 per cent. Musk saw his fortune peak in November 2021, hitting $340 billion, before a massive drop.

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