The American billionaire and entrepreneur became the first person in history to lose such a fortune in such a short time in the Bloomberg rating.
Furious news around Elon Musk is to his detriment. Already the head of automaker Tesla and astronautical company SpaceX, the billionaire bought Twitter just over two months ago. While the past year has been a tumultuous one for Elon Musk, the latter’s net worth has dropped to $137 billion at the end of 2022, according to Bloomberg. A year earlier, his capital was estimated at $340 billion. This is 203 billion less. His former fortune made him the first or second richest person in the world, regularly rivaling Jeff Bezos, the boss of Amazon. If the American media is based on the daily ranking of the 500 richest people in the world, how can this fall be explained?
First, Tesla’s stock market failures obviously have something to do with it. The automaker lost two-thirds of its value in 2022. The fall on Wall Street by 65% cost Elon Musk $133 billion. Discussed? Uncertainty about electric vehicle sales, as well as its erratic management, led Twitter for several weeks. This worries many Tesla investors. On Tuesday, December 27, shares also fell 11% after the entrepreneur’s mocking message. While the automaker has increased its deliveries by 40% in 2022, this remains below its long-term goal of a 50% annual increase in sales. Similarly, if Tesla still dominates the sector with 65% market share in the first nine months of the year, that’s down from 2020, when the company accumulated 79%.
The takeover of Twitter, first recorded in April and then finally completed in October, also cost Elon Musk $44 billion. Which forced him to sell $39 billion worth of Tesla shares since November 2021. To complete the deal, Elon Musk finally pulled $27 billion out of his own pocket.