In November 2021, the fortune of South African-born billionaire Elon Musk reached its highest level. It was located at US$340,000 million. A year later, his net worth amounts to $137,000 million, which has made the tycoon the first person in history to lose more than US$200 billion in wealth in twelve months, according to the Bloomberg agency.
This situation is attributed to the drop of 65% in the share price of Tesla throughout 2022 and the impact of the Twitter purchase on its reputation.
Most of Musk’s wealth is tied up in Tesla, whose shares plunged 65% in 2022. Demand for Tesla weakened as EV competition from established automakers increased in 2022. The company missed its growth targets and reduced production in China.
Buyers’ disinterest in Teslas was on full display last month when the company announced a one-off stock clearance sale. Tesla offered two rebates to buyers who purchased a vehicle before the end of the year, initially at a discount of $3,750 and then doubling the rebate to $7,500 two weeks from the end of 2022.
With pressure on Tesla intensifying, Musk has been concerned about Twitter, which he acquired for $44 billion at the end of October last year. His approach was to apply drastic if erratic measures, such as firing staff and then asking them back, and applying haphazard content policies to justify banning the accounts of some prominent journalists who cover him.
The data
Companies. Musk’s $44.8 billion stake in Space X tops his roughly $44 billion position in Tesla stock.
Source: Larepublica
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