Elon Musk loses $200 billion of his fortune

American billionaire Elon Musk has become the first businessman in history to lose $200 billion of his fortune, according to Bloomberg.

After this loss, the fortune of the chairman and CEO of Tesla, SpaceX and Twitter now stands at 137 billion dollars, while it had come close to 340 billion dollars in 2021.

According to Bloomberg Billionaires Index, Musk ranks second in the list of the richest people in the world, behind LVMH chairman Bernard Arnault.

This drop is largely due to the fact that most of Musk’s wealth is tied to Tesla, whose stock plunged 65% in 2022, Bloomberg said.

On Monday, Tesla announced that it had delivered 1.31 million electric vehicles in 2022, which represents a record and a jump of 40% over one year but remains below its own forecasts and Wall Street expectations.

Elon Musk’s company has set itself the long-term goal of increasing its deliveries by an average of 50% per year. This objective may fluctuate depending on its operations, the company said in a press release, adding that these operations have been affected in particular by the impact of the Covid, which led to several weeks of closure of its factory in China, and the problems linked to its supply chains.

Several observers fear a possible slowdown in demand for the manufacturer’s rather expensive cars at a time when the economic environment is uncertain and when other manufacturers offer more and more competing models. They are also concerned that Elon Musk is focusing on his new business, Twitter, rather than Tesla.

Musk’s $44 billion purchase of Twitter also didn’t help Tesla stock or Musk’s personal wealth, CNN Business reports, adding that Musk, Tesla’s largest shareholder, sold for $23 billion of his Tesla shares since his interest in Twitter went public in April.

Previous Post Next Post