It is largely attributed to Tesla’s plummeting share price.
Elon Musk is a renowned leader with many characteristics to his name, such as the world’s second-richest individual, proprietor of Twitter, and CEO of multiple multi-billion dollar enterprises. However, he holds one title that he probably would not be proud of; being the first man in history to witness an immense decrease in fortune amounting to up to $200 billion.
In 2021, Elon Musk made history as the second person to ever achieve a personal fortune of $200 billion – just one step behind Amazon’s Jeff Bezos. By November 2021, his worth had skyrocketed to an incredible peak of $340 billion, following Tesla’s market cap reaching a staggering $1 trillion!
Unfortunately, Elon Musk has not been doing so well recently. His wealth is largely tied to Tesla shares which have dropped from an April peak of $381 all the way down to their current rate of $123 – heralding a huge loss for him and causing Bernard Arnault, chairman of French company LVMH, to replace him as the world’s wealthiest person back in December.
According to reports, Musk’s wealth has plummeted by a record-breaking $200 billion for the first time in history. He is now left with a current fortune of only $137 billion.
Investors of Tesla are putting the blame for the company’s decreasing stock price firmly on none other than Musk and his preoccupation with Twitter. Despite promising not to offload any more shares, he has sold nearly $40 billion in Tesla stocks over just one year! This means that as of now, Musk’s SpaceX holdings ($44.8 billion) have a greater value than his Tesla assets ($44 billion). Consequently, it should come as no surprise that many investors are concerned about their investments.
It looks like Musk is attempting to take a step back from the day-to-day operations of Twitter by seeking out a new CEO—with the majority of people voting for him to move away in his recent poll. However, he’s still determinedly seeking out someone “foolish enough” who will take on this role.
Unsurprising to many, Musk has disregarded reports about Tesla’s dipping stock prices. Moreover, he condemned the federal reserve for its increasing interest rates. “Tesla is performing better than ever!” Musk tweeted last month. “We don’t control the Federal Reserve – that matters here.”