Science

Elon Musk: The dizzying fall in Twitter boss fortune

Romain Rouillard
15:17, 02 January 2023changed to
15:48, 02 January 2023

Elon Musk is still protected from the difficult ends of the month. However, his personal fortune has just melted like snow in the sun, according to the US news agency Bloomberg. Two years ago, he became the second businessman after Jeff Bezos to raise over $200 billion, making him the richest person in the world. And his fortune only grew and embellished, reaching $ 340 billion by the end of 2021. Even Bernard Arnault had to bow.

But the French boss of LVMH has since reclaimed his spot at the top of that list. The collapse of Elon Musk’s fortune, which would now turn out to be about $137 billion, according to Bloomberg, or $200 billion less than two years ago at the same time, is in question. But how then to explain such a collapse?

Competing Tesla brand

Firstly, on the takeover of Twitter, an operation completed at the end of April, which cost the businessman several billion dollars. To achieve his goals, Elon Musk had to give up many titles from Tesla, the American car brand he leads. So the manufacturer is facing a 65% drop in its market value in 2022 as investors fear the erratic billionaire will ditch Tesla in favor of Twitter.

In addition, Tesla, which has made electric vehicles its specialty, is now seeing a number of competitors emerge, mostly from China. In a few months, these new manufacturers will offer vehicles much more affordable than Tesla sedans, which can cost upwards of 100,000 euros.

But more is needed to shake the billionaire’s composure. “Tesla is doing better than ever!” he assured, preferring to focus his criticism on the US central bank, which recently raised interest rates. A blow to Elon Musk, who agreed to numerous loans to secure his participation in the capital of Tesla.

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