The world's richest man, Elon Musk, lost more than $100 billion in 2022 as Tesla shares fell to their lowest point in two years, according to Bloomberg.
The new Chief Twit's net worth declined by $8.6 billion on Monday. But even if this is the case, he remains the richest person in the world with a wealth of $169.8 billion, according to the Bloomberg Billionaires Index.
He has lost the most money on the wealth index this year, losing $100.5 billion after hitting $340 billion over a year ago.
Selling Tesla Stocks
Musk sold some stock earlier this year to raise some of the $44 billion acquisition deal of Twitter. If Musk had kept his millions of additional Tesla shares, he might have lessened his losses this year.
He revealed that he had sold more Tesla stocks to save the social media company, which is currently under hot waters after many of its workers resigned from their posts.
On Wall Street, Tesla is mostly seen as a technology business, even if it produces electric vehicles. Tech stocks have fallen, and Tesla was not exempt from this trend as concerns about an impending economic recession have grown.
Tesla's stock price has fallen substantially more this year, by 52%, than the tech-heavy Nasdaq 100 Index, which has fallen by only 29%.
Read also : Elon Musk: Asked Software Engineers via e-mail to Report to Twitter HQ, Despite Closed Offices
Tesla's Reliance on China
A portion of the drop can be ascribed to Tesla's reliance on China for manufacturing its electric vehicles, which has a steadfast adherence to its "zero-COVID" policy.
Due to supply chain problems brought on by rising cases, some parts of China are still completely under lockdown, ultimately affecting Tesla's output.
Musk's buyout of Twitter and appointment as CEO have stoked worries that the richest man in the world is overextending himself. Musk now oversees five businesses as CEO, thanks to Twitter.
Tesla's stock price dropped to $167.87 on Monday, marking the company's lowest level since November 2020 and $8.6 billion in losses for Musk.
Musk's current net worth is $157 billion, just $13 billion more than Bernard Arnault, CEO of the luxury fashion company Louis Vuitton, according to Bloomberg's Billionaire Index.
Tesla stockholders want the price to increase once more and have even started a campaign requesting that the automaker's board repurchase the stock from the market.
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This article is owned by Tech Times
Written by Jace Dela Cruz
