Science

Story: Elon Musk Loses $200 Billion… in One Year

The Tesla boss no longer has “only” $137 billion, up from $340 billion at the end of 2021, according to specialist website Bloomberg.

At a time when he was considered the richest person in the world, in November 2021, the leader of PayPal and SpaceX lost nearly $133 billion (124 billion euros) in 2022.

According to Bloomberg, the drop in Tesla’s title, whose value has collapsed by 65% ​​in 2022, explains Elon Musk’s poor financial performance.

Already the victim of a slowdown in sales due to increasingly intense competition, the famous car brand is biting the dust even more as its boss backs down on it in favor of Twitter.

Tesla needs “a leader who can get it through the storm,” not a leader “who is Twitter-focused,” Dan Ives of private equity firm Wedbush said in a recent note. “Musk has lost all credibility from the investment community,” the financial analyst continues, citing “broken promises” in the stock sale, “Twitter fiasco” and “political controversy” on the platform.

In the entrepreneur’s defense, Tesla’s actions have also been hurt by the general decline in stock markets this year. In a mid-December Twitter conversation, Elon Musk acknowledged that rising interest rates and the economic environment are likely to dampen demand for Tesla. But “I still continue to predict that in the long run, Tesla will become the highest rated company in the world,” he said.

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