Elon Musk
Elon Musk has retained his position as the world's richest man despite going from crisis to crisis this year. Wikimedia Commons

Despite personal turmoil and market jitters, it looks like Elon Musk's net worth is on track to soar by $100 billion (about £78) by the year's end.

It is no secret that the controversial tech mogul has faced multiple crises this year. After paying $44 billion (about £34 billion) to acquire Twitter (now X), he ended up driving the microblogging site into the ground.

The CEO he appointed to run X, Linda Yaccarino, revealed that X has been losing daily active users since Musk's takeover. To make things worse, Musk told big brands which were abandoning his social media platform to "go f--k themselves".

However, it looks like all is not lost for the once-illustrious website since an earlier report claims Democrats running for office are still pumping ad dollars into X.

Aside from this, the word on the street is that Chinese electric automaker BYD is set to dethrone Tesla as the world's biggest EV maker before this year ends. Yet, Bloomberg's billionaire index confirms that Musk will be almost $100 billion (about £78) richer this year.

In 2021, Musk's personal wealth was $340 billion (about £266 billion). However, he lost $182 billion (about £142 billion) the following year. After accumulating $97 billion (about £76 billion) through 2023, his net worth is $235 billion (about £184 billion), per Bloomberg.

In other words, Musk continues to be the world's richest person despite X having its valuation dropped to just $19 billion (about £14 billion). Notably, this is half of what Musk paid for Twitter in October 2022.

How Elon Musk destroyed Twitter (now X)

Unsurprisingly, Musk's decision to acquire Twitter left business experts puzzled. In fact, Wedbush Securities analyst and Tesla bull Dan Ives compared the move to "giving away caviar to buy a hot dog on the street in New York City".

The loans left X in huge debt while giving the general public an unprecedented insight into how the 52-year-old business magnate makes product decisions.

As part of his plan to transform X into an "everything app," Musk has radically overhauled the microblogging website. Meanwhile, the unexpected rebranding of Twitter to X in July baffled marketing experts and annoyed several users.

In an interview with Fortune, cofounder of brand consultant group Metaforce Allen Adamson described the rebrand as "completely irrational from a business and brand point of view".

Tesla, on the other hand, has been the cash cow for Musk. This year, stock prices of the Musk-led EV maker soared due to record deliveries, coupled with its expanding global reach.

Likewise, Musk's aerospace company SpaceX continues to grow. Lucrative government contracts, satellite internet and successful launches propelled the company's valuation to the next level. It is now estimated that SpaceX is currently valued at $175 billion (about £137 billion).