November 8, 2022 | 1:24 p.m.
While Elon Musk Focusing on his new role as CEO of Twitter, his fortune is down nearly 50% from a peak of $340 billion in November 2021.
Tesla stockthe electric car maker that accounts for most of his net worth, traded at an intraday low of $186.75 on Tuesday, as investors question whether the world’s richest man is spreading himself too thin among his high-profile companies.
Tesla is down 45% in 2022compared to a 19% drop in the S&P 500 Index and a 32% drop in the Nasdaq 100 Technology Index.
Musk loses nearly $92 billion so far this year
Musk has cut $92 billion this yeara 48% drop in his fortune, the biggest drop among tycoons tracked by the Billionaires Index. Bloomberg.
Currently, the also CEO of SpaceX has a net worth of 177,000 million dollars.
Although it is still the richest person in the worldHis wealth peaked at $340 billion just a year ago, when Tesla’s share price hit a record high of $410.
Musk, 51, completed his Twitter acquisition on October 27 and has opted for a series of changes in the company, laying off about half of the company employees based in San Francisco only to rehire some of them.
Companies including General Motors and Volkswagen have said they are pausing paid advertising on the site until they can better assess how the platform will change under Musk’s ownership.
Tesla in trouble
Secondly, Tesla is struggling with economic pressures in its biggest market outside the United States, recently closing its flagship showroom in Beijing and lowering prices in China.
Last month, the company reported third-quarter sales that fell short of analyst estimates, and Musk acknowledged the slowdown in China and the effect of rising interest rates.
The lawsuit is a little more difficult than it would be. Tesla isn’t cutting production significantly, recession or no recession
Musk said in a call with analysts.
Continue reading: Tesla in trouble after Elon Musk’s ‘distraction’ with Twitter
With information from Bloomberg
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Elon Musk’s fortune sinks 48% and touches its lowest level so far in 2022