Elon Musk lost more than 100 billion dollars!
by SEAD DEDOVIC | VIEW 406
In the year 2022, Elon Musk lost more than 100 billion dollars as the shares of Tesla fell to their lowest point in two years. Even after his net worth dropped by $8.6 billion on Monday, Tesla's co-founder remains the world's richest person with a fortune of $169.8 billion, according to the Bloomberg Billionaires Index.
After having gained $340 billion just over a year ago, he lost $100.5 billion this year - the most of anyone on the wealth index. Musk's fortune comes largely from the electric car maker's shares, which are subject to growing restrictions in China, its largest overseas market.
Over 300,000 cars have been recalled by the Austin, Texas-based company for faulty taillights, while the supply chain is also strained. Monday's closing price for Tesla shares was $167.87, the lowest since November 2020, and is down 52 percent from this time last year.
As compared to the Nasdaq 100 index, which dropped 29 percent.
TWITTER: There are concerns
The 51-year-old is also highly involved with Twitter, a social network he bought last month for $44 billion. Its workforce has shrunk by about 60 percent since Musk took office, with the latest round of layoffs planned for Sunday.
There are concerns among investors about the billionaire's involvement in a number of high-profile business ventures. There is a risk factor in Tesla's documents related to Musk's dependence, which emphasizes that despite spending significant time with Tesla, he is not completely dedicated to its management.
We have no doubt that Elon Musk will make big profits in the near future, given his money-making skills, but also his obvious intelligence. Tesla company has serious plans for this year and they intend to lower the price of the car to attract people. In addition, Musk has great plans for Twitter, and we will find out all about it soon.