Is Twitter making Elon Musk poorer? Billionaire's net worth reaches a two-year low
This major loss comes just a week after Musk lost his spot as the world's richest person, and is being attributed to the steep one-day loss of Tesla Inc. shares
- Dec 21, 2022,
- Updated Dec 21, 2022 9:55 AM IST
After a series of shocking events in the past few months, billionaire entrepreneur and CEO of Tesla, Elon Musk, has seen his fortune take a major hit this week. According to Bloomberg, Musk's net worth has plummeted by a whopping $7.7 billion, with his current net worth standing at $147.7 billion.
This major loss comes just a week after Musk lost his spot as the world's richest person, and is being attributed to the steep one-day loss of Tesla Inc. shares, which fell nearly 6 percent on Tuesday. This drop in Tesla's shares is reportedly due to the risk posed by Musk's recent acquisition of Twitter and his tendency to use the platform to share distractions and potentially controversial content.
As a result of this steep loss, Musk's fortune is now at its lowest point in over two years, and with his wealth being primarily made up of Tesla stock and options, the plummeting shares pose a significant risk for the 51-year-old entrepreneur.
Many are speculating about the future of Musk's financial empire, and whether or not he will be able to bounce back from this major blow. Only time will tell if the Tesla CEO will be able to regain his position as one of the world's wealthiest individuals.
Tesla Investors Remain Concerned
Tesla's shares, which have seen a significant decline of approximately 60 per cent in value this year, saw a minor decrease of 0.2 per cent during Monday's closing. Twitter users voted for Elon Musk's departure as CEO of the social media platform. However, Musk may not step down anytime soon. In a recent tweet, he announced that he will resign from the position of CEO but only when he finds someone 'foolish enough' to take up the job.
The positive sentiment amid Tesla shareholders might go for a toss again due to Musk decision to stay involved with Twitter in the capacity of heading software and servers teams.
Tesla will be releasing its quarterly deliveries report in early January and the forecast shows a weakening demand in China which could further impact the stock price.Also read: Who is Lex Fridman? Elon Musk's friend who wants to work for free as Twitter head
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After a series of shocking events in the past few months, billionaire entrepreneur and CEO of Tesla, Elon Musk, has seen his fortune take a major hit this week. According to Bloomberg, Musk's net worth has plummeted by a whopping $7.7 billion, with his current net worth standing at $147.7 billion.
This major loss comes just a week after Musk lost his spot as the world's richest person, and is being attributed to the steep one-day loss of Tesla Inc. shares, which fell nearly 6 percent on Tuesday. This drop in Tesla's shares is reportedly due to the risk posed by Musk's recent acquisition of Twitter and his tendency to use the platform to share distractions and potentially controversial content.
As a result of this steep loss, Musk's fortune is now at its lowest point in over two years, and with his wealth being primarily made up of Tesla stock and options, the plummeting shares pose a significant risk for the 51-year-old entrepreneur.
Many are speculating about the future of Musk's financial empire, and whether or not he will be able to bounce back from this major blow. Only time will tell if the Tesla CEO will be able to regain his position as one of the world's wealthiest individuals.
Tesla Investors Remain Concerned
Tesla's shares, which have seen a significant decline of approximately 60 per cent in value this year, saw a minor decrease of 0.2 per cent during Monday's closing. Twitter users voted for Elon Musk's departure as CEO of the social media platform. However, Musk may not step down anytime soon. In a recent tweet, he announced that he will resign from the position of CEO but only when he finds someone 'foolish enough' to take up the job.
The positive sentiment amid Tesla shareholders might go for a toss again due to Musk decision to stay involved with Twitter in the capacity of heading software and servers teams.
Tesla will be releasing its quarterly deliveries report in early January and the forecast shows a weakening demand in China which could further impact the stock price.Also read: Who is Lex Fridman? Elon Musk's friend who wants to work for free as Twitter head
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine