NEWS

Elon Musk has lost a bigger fortune than anyone in history


New York
CNN

The destruction of Elon Musk’s wealth has become historic.

The CEO of Tesla (TSLA), SpaceX and Twitter is worth $137 billion, according to the Bloomberg Billionaires Index, enough to put him second on the world’s richest list after Bernard Arnault, chairman of LVMH (LVMHF) is. However, at its peak in November 2021, Musk’s net worth was $340 billion.

For the first time in history, Musk lost $200 billion in assets, Bloomberg reported last week.

Much of Musk’s wealth is tied to Tesla (TSLA), whose stock has plunged 65% in 2022. Demand for Tesla (TSLA) has weakened as competition for electric vehicles from major automakers surged last year. The company fell short of its growth targets and scaled back production in China.

Evidence that car buyers’ interest in Tesla is waning came last month when the company announced a rare sale to clear its inventory. Tesla has offered his two rebates to buyers who deliver the vehicle before the end of the year. Initially he offered a $3,750 discount, and with two weeks to go until 2022, he doubled the rebate to $7,500.

Investors were unsettled by the rebate, and the stock plunged 37% in December.

Pundits have long questioned whether Tesla is worth the $1 trillion valuation it had in early 2022. Tesla was worth more than the 12 largest automakers on the planet combined, despite a fraction of its sales. Tesla finished the year with $386 billion — still much bigger than its automaker rivals, but tech giants — Apple (AAPL), Microsoft (MSFT), Google (GOOGL), Amazon (AMZN) — which was compared to. one year ago.

Musk’s $44 billion acquisition of Twitter did nothing for Tesla stock or Musk’s personal fortune. Tesla’s largest shareholder, Musk, has sold $23 billion worth of Tesla stock since his interest in Twitter went public in April.

His constant tweeting and increasingly erratic behavior, especially after taking over as CEO of Twitter, is why Tesla wants Musk to pay more attention to his very large and highly valued company. angered investors in Musk has defended himself against critics by saying he’s never missed a big Tesla meeting since taking over Twitter.

Tesla’s stock could rebound and Musk could once again be the richest person in the world. But Musk’s reputation as a genius has taken a serious hit in 2022.

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