According to the Bloomberg Billionaires Index, Elon Musk’s net worth has dropped by an astounding $208 billion over the last year due to the fall of Tesla shares. This is the worst wealth loss in modern history. These missing funds exceed even the combined fortunes of Dior and LVMH’s Bernard Arnault.
Although Musk’s net worth surpassed $338 billion in November of last year, the company has lost over 70 percent of its value this year due to manufacturing delays in China, car recalls, and investor concerns about Musk’s time spent on Twitter.
Shares of Tesla have hit a new low not seen in almost two years, with the company’s stock losing more than half its value since October. Consequently, shareholders are worried that Musk has abandoned Tesla in favor of Twitter.
Having money is supposed to solve “Earth’s problems.” Despite the fact that Tesla is still the most valuable automaker in the world, the company’s market value formerly placed it in the top 10 most valuable firms. Musk informed Tesla employees that he expects the firm to one day be “the most valuable company on Earth.” He advised his audience not to worry too much about the stock market’s volatility “as we demonstrate continued excellent performance, the market will recognize that.”
Tesla, led by Musk, is an electric vehicle juggernaut whose stock has been all over the map this year. He sold about $4 billion worth of Tesla stock in November and another $3.6 billion this month alone. The SEC reports that the ex-CEO now has more than 423.6 million Tesla shares or around 13% of the company’s total.
Musk almost never speaks publicly about his wealth, but in a 2018 Twitter thread, he wrote, “You should ask why I would want money,” and continued, “About half my money is intended to help problems on Earth and a half to help establish a self-sustaining city on Mars to ensure the continuation of life (or all species) in case Earth gets hit by a meteor as the dinosaurs or WW3 happens and we destroy ourselves.”
In a similar vein, but on a different note, Bill Gates of Microsoft, Jeff Bezos of Amazon, Larry Ellison of Oracle, and Larry Page of Google have all lost more than $180 billion this year.
Over the last year, Elon Musk has seen a staggering $208 billion wiped out of his net worth as a result of the decline of Tesla shares. The loss of this much money is unprecedented in our day. The sum of money that has vanished is more than both Dior and LVMH’s Bernard Arnault’s personal fortunes put together.
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