According to Bloomberg, bιllιonaire Elon Musk’s fortune has now plummeted to $137 bιllιon after Tesla’s stock price plunged in recent weeks. Previously, this bιllιonaire’s fortune peaked at $340 bιllιon on November 4, 2021.
Despite continuously falling from the peak, but the CEO of Tesla remained the richest person in the world until he was surpassed by French brand magnate Bernard Arnault in early December 2022.
bιllιonaire Elon Musk’s fortune has skyrocketed during the easy money period of the pandemic. During that period, Tesla’s market capitalization also crossed the $1 trillion mark for the first time in October 2021, joining the trillion-dollar club with US technology giants such as Apple, Microsoft, Amazon, and Amazon. Alphabet (Google’s parent company).
However, now, Tesla’s dominant position in the field of electric vehicles is being shaken as many competitors have caught up. Recently, the famous American electric car company had to launch a rare discount program of up to $7,500 for its two highest-volume models. In addition, Tesla also had to reduce production at its Shanghai factory. The move comes amid concerns about dwindling demand as electric vehicle tax incentives emerge and the economy slows.
While the pressure on Tesla is growing, Mr. Musk is still preoccupied with Twitter, which he just bought for $ 44 bιllιon at the end of October 2022.
With Tesla’s share price down 65% in 2022, and he’s had to sell a lot of shares this year to pay for his Twitter acquisition, the Tesla stake is no longer Musk’s biggest asset.
According to Bloomberg, his Tesla stake is now worth about $44 bιllιon (not including options worth about $27.8 bιllιon). Meanwhile, according to a recent filing, Musk now owns a 42.2% stake in SpaceX, worth about $44.8 bιllιon.
For his part, Mr. Musk has dismissed concerns about Tesla and repeatedly blamed the US Federal Reserve (Fed) for raising interest rates too quickly.
He also warned of the dangers of borrowing money amid market p.a.n.i.c. “I strongly advise people not to borrow on margin in today’s volatile stock market, and instead hoard cash,” he said.