Musk has lost more than $160 billion as Tesla stock value decreases

Elon Musk has seen his net worth nearly cut in half from last year's peak.

Musk's net worth has fallen to $177 billion after reaching a peak of $340 billion last year, according to Bloomberg.

According to Bloomberg's Billionaires Index, Musk is still the richest person in the world, ahead of Amazon's Jeff Bezos whose net worth is listed at $113 billion.

Tesla, Musk's electric vehicle company, has seen its stock plunge 53% this year

 Tesla stock opened at $190 on Wednesday morning with a market capitalization of $582 billion. 

One of Musk's first moves after purchasing Twitter for $44 billion on Oct. 27 was to announce massive layoffs.

Those cuts took place Friday with 3,700 out of about 7,500 employees being laid off.

Twitter wasn't the only tech company laying off workers this month. Meta, Snapchat and Netflix also laid off workers while Amazon imposed a hiring freeze.

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