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Elon Musk has lost Rs 2,500 Crore daily this year as he fights to gain total control of Twitter

Elon Musk has lost Rs 2,500 Crore daily this year as he fights to gain total control of Twitter

A report reveals that Elon Musk's wealth dropped by $101 billion in 2022, and the world's richest man is incurring a loss of around Rs 2,500 crore daily.

Elon Musk lost Rs 2,500 Crore daily in this year. Elon Musk lost Rs 2,500 Crore daily in this year.

Ever since Elon Musk bought Twitter, the billionaire has been in the news for many reasons. It has now come to light that Musk lost more than $100 billion in this year's net worth after Tesla shares dropped to the lowest level, which hasn't happened in the last two years. The credit for this goes to its Twitter takeover and other things, which we will talk about in a bit.

Musk's wealth has reportedly declined the most in Bloomberg's wealth index, which includes the world's wealthiest individuals on the basis of their net worth. A year ago, the billionaire's wealth index peaked at $340 billion.

Now, the report reveals that Elon Musk's fortune plummeted by $101 billion in 2022, and the world's richest man is incurring a loss of around Rs 2,500 crore daily. His net worth is reportedly $170 billion until this month, according to Bloomberg's wealth index (which gets updated during every trading in New York.)

Elon Musk facing a lot of challenges and incurring losses

It appears that Elon Musk has been facing a lot of challenges, which is making it difficult for him to cope with every issue as he is incurring back-to-back losses. Musk's Tesla reportedly called back 30,000 Model X vehicles because of a flaw that could cause the front passenger airbag to deploy incorrectly. This led to a drop in shares (Tesla). The electric car maker reportedly lost half of its market value as the stock wiped out 17 months of gains.

The company has reportedly been facing Covid-related restrictions in China, which is one of its largest markets apart from the US. Apart from the recall of thousands of cars due to faulty tail lights, Tesla has also been experiencing supply-chain issues as well as the rising cost of raw material.

Another aspect to look at here is that Elon Musk has also been preoccupied with Twitter for a long time, which is why he might not be able to look after Tesla. He recently admitted that he devotes all his time to Twitter and that his "workload went up from about 70 to 80 hours a week to probably 120" after buying the social media company.

Musk owns a total of five companies, which also include Tesla and Twitter. It is likely difficult for him to overlook everything at a time when Musk has plans to reshape the social media platform. Earlier this year, he was mostly caught up because of Twitter deal. For a few months, there were reports of Musk agreeing to buy the social media company, then taking a step back because of which he had to deal with legal challenges. Even after acquiring Twitter, Musk has been busy reorganizing the company.

Elon Musk has so far fired 60-70 percent of Twitter employees, and around 1,200 engineers voluntarily left the company because of his hardcore work demands. He also fired the entire board of directors to take full control of the platform. Musk bought Twitter for about $44 billion and sacked thousands of employees because the social media company is not profitable right now and not generating enough revenue. So, Musk has been incurring losses in other companies too.

To save costs, Musk also slashed the perks of remaining employees. Moreover, he reportedly plans to charge people for the lunch too that the employees used to get for free at Twitter. It remains to be seen how Elon Musk will recover all the losses.