New Delhi, October 1: 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 nosedive. 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”. ‘Everything He Is, He Owes to Me’: Errol Musk Denies Allegations of Abusive Parenting in Elon Musk’s Recent Biography.

The report had claimed that Musk’s net worth went up an average of about $2,378 per second during that 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. Elon Musk Hip-Firing Video: Billionaire Hip-Fires Barrett 50 Caliber Sniper Rifle, Shares Clip.

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.

(The above story first appeared on LatestLY on Oct 01, 2023 03:46 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).