Tesla CEO Elon Musk is still the world’s wealthiest person by net worth. However, a look at Musk’s fortune shows that the CEO has lost about $100 billion from his net worth since the year started.
Musk’s net worth is heavily tied to his work at Tesla and SpaceX, the two largest companies that he personally leads. Amidst his turbulent takeover of Twitter this year, however, Tesla stock has taken a beating. Since the start of the year, TSLA shares have dropped by almost 60%, causing Musk’s net worth to see a steep drop.
On Monday alone, TSLA shares hit a two-year low, and by Tuesday, the dip in the EV maker’s shares have brought Musk’s net worth down to $171 billion. For context, back in November 2021, Elon Musk’s net worth stood at a far more formidable $315 billion.
The adverse effects of Elon Musk’s Twitter acquisition, which included the sale of some of the CEO’s TSLA holdings, have weighed heavily on the electric vehicle maker. Amidst Tesla’s continued performance as an EV maker, TSLA bulls have since suggested that the company initiate a stock buyback, partly as a way to instill more confidence in the company.
Despite the steep drop in his net worth, Musk is yet to be bested, with the Bloomberg Billionaires Index showing that the Tesla CEO’s net worth is still about $14 billion more than the world’s second richest person, Bernard Arnault of LVMH Moet Hennessy Louis Vuitton.
While the pressures that have been felt by Tesla this year so far could largely be attributed to Musk’s acquisition of Twitter, the company’s peers have not necessarily fared that much better. Aggressive stocks have had a challenging 2022, with Nio, Rivian, Lucid, Li Auto, and BYD also experiencing a difficult 2022. That being said, BYD has been flat this month while Nio and Li Auto have posted a turnaround, while Tesla stock lost a quarter of its value.
Disclaimer: I am long Tesla.
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