While Elon Musk fiddles with his recent acquisition of Twitter, his net worth has almost halved compared to last year’s maximum.
Shares of Tesla, the electric car maker that accounts for most of his fortune, traded at an intraday low of $186.75 on Tuesday, as investors wonder if the billionaire is spreading himself too thin among the string of high-profile companies he owns.
Tesla is down 45 percent this year, which contrasts with the S&P 500 index falling 19 percent and the Nasdaq 100 index falling 32 percent, It has a high technological component.
This year, Musk has wiped out about $92 billion of his fortune — the most among tycoons in the Bloomberg Billionaires Index — and is now worth $177 billion. Although he remains the world’s richest person, his wealth peaked at $340 billion just a year ago, when Tesla’s share price hit a record high of $410.
Musk, CEO of Tesla, completed the Twitter acquisition on Oct. 27 and wasted no time shaking things up, laying off about half of the San Francisco-based firm’s employees and later rehiring some of them.
Companies such as General Motors and Volkswagen have said they will pause paid advertising on the site until they can better assess how the platform will change under the owner’s ownership. 51 year old billionaire.
Meanwhile, Tesla is struggling with economic pressures in its biggest market outside the United States, having recently had to close its flagship showroom in Beijing and cut prices in China. Last month, the company reported third-quarter sales that missed analyst estimates, and Musk acknowledged the slowdown in China and the effect of the rising interest rates.
“Demand is a little bit tougher than what you would see” were it not for those factors, he said on a call with analysts. He also said Tesla “will not cut production significantly, recession or no recession.”
We want to give thanks to the writer of this post for this outstanding material
‘Coup’ for Elon Musk: Fortune of the richest man in the world falls almost 50% in a year