Elon Musk, the world’s richest man, has lost roughly $100 billion of his wealth in 2022.
The CEO of Tesla, SpaceX, and now Twitter, has been dominating the headlines recently due to his takeover of the popular social media site.
However, it seems he may have another problem, as his finances have taken a hit.
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Due to Tesla’s stocks plummeting, Musk has lost $100.5 billion, as reported by Bloomberg Billionaires Index.
The motoring company’s stock price has been declining and recently caused the CEO, who owns a 15% share in the company, to lose $8.6 billion in one day.
Musk was crowned the richest person in the world in November last year as his net worth peaked at $340 billion.
However, the rapid fall in the vehicle’s price has caused him to drop under $200 billion.
Tesla’s stock price has been under pressure this year due to a number of factors, including a soaring rise in products and customers unable to afford the vehicles in the current cost-of-living crisis.
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Investors are also worried about Tesla’s business in China, as the threat of a recession rises in the world’s second-largest economy.
The crisis in China has occurred due to their strict Covid rules, which forced cities like Beijing to be completely shut down.
Despite these concerns, Musk has hit back by saying that the recession won’t damage him too much, as Tesla is ‘recession resilient’.
Tesla added that it temporarily tightened supply chains which led to it missing some of its third-quarter targets.
However, the company has struggled to convince some of Wall Street’s top analysts that it won’t suffer from a demand slowdown, like many of the top companies in the world.
There has also been a worry about whether Musk is able to focus on his role as Tesla CEO after his controversial acquisition of Twitter for $44 billion.
Since taking over the social media chain, it has been reported that he has been working day and night at its offices in San Francisco.
Speaking at the G20 summit in Bali via video link, Musk admitted: “I have too much work on my plate that is for sure.”
He then mentioned at an investment conference that once Twitter is ‘sorted’, he will be able to focus on Tesla and SpaceX.
Despite taking a financial hit, Musk still remains the richest person in the world.
His current net worth is around $189.4 billion which is about $13 billion more than second place Bernard Arnault, who is the CEO of Moët Hennessy Louis Vuitton SE.
His net worth is also much higher than Amazon founder Jeff Bezos and Microsoft co-founder Bill Gates, who are valued at about $116 billion (Bezos) and $113 billion (Gates), reports Bloomberg Billionaires Index.
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