Colbert Jokes About Musk's $100B Loss

'All of us are having to cut back on how many cars we shoot into space'
By Rob Quinn,  Newser Staff
Posted Nov 25, 2022 7:03 AM CST

Elon Musk's net worth has taken a massive hit this year—amid issues at Tesla and his acquisition of Twitter, he's down more than $100 billion. Stephen Colbert offered commiserations on The Late Show Wednesday night, Rolling Stone reports. "Listen, Elon. I know belt tightening is no fun, but you’re not alone in these tough economic times," Colbert said. "All of us are having to cut back on how many cars we shoot into space." The audience seemed unmoved by Musk's situation: They applauded after Colbert said, "After a series of very public setbacks, Elon Musk’s 2022 wealth loss exceeds $100 billion."

The bulk of Musk's wealth is in Tesla shares, which are down 54% so far this year. His net worth has nosedived from a peak of around $340 billion a year ago to around $190 billion today, though he remains the world's richest man according to the Forbes billionaires list. Gizmodo reports that the issues affecting the automaker include recalls, COVID restrictions in China, and the rising cost of materials. Analysts say investors are also concerned that Musk is paying too much attention to Twitter instead of the other two companies he is CEO of, Tesla and SpaceX. Musk's net worth sank by more than $8 billion on Monday alone with a further drop in Tesla's stock price. It has now rebounded to where it was at the start of the week, but it's still down more than 17% for November. (Read more Elon Musk stories.)

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