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He is still immensely rich, but the Bloomberg Billionaire Index reports that Elon Musk’s net worth has fallen by nearly $100 billion this year, the steepest drop ever.
On Monday, shares of Tesla hit a two-year low. By Tuesday, the dip had put Musk’s net worth at $171 billion — down from $340 billion in November 2021. says Bloomberg the tech tycoon’s wealth comes from Tesla, SpaceX and Twitter. Since the beginning of 2022, Tesla shares are down nearly 60%. Still, Musk remains the richest man, with about $13 billion more than no. 2 Bernard Arnault, President of LVMH Moët Hennessy Louis Vuitton.
The fall in Tesla’s share price is due to investor concerns about the EV company’s Chinese market, which has heavily influenced that country’s Covid policies. In addition, Tesla shareholders are likely concerned about Musk’s ability to lead Tesla following his purchase of Twitter. Add to that concerns about Fed rate hikes and an overall economic downturn, and Tesla stock prices are feeling the heat.
Investors.com writer Ed Carson gives an overview and some context:
Tesla stock is not doing well. But it’s not alone. Aggressive stocks have had a terrible 2022. Tesla’s EV rivals in particular are struggling, including Nio stock, Li Auto, Rivian (RIVN) and BYD. So by that measure, TSLA stock doesn’t look particularly bad going into 2022. However, BYD is flat in November, while Nio and Li Auto are up this month, while Tesla’s stock has lost a quarter of its value.
As of early Wednesday, neither Tesla nor Musk had comment on the news.