It wasn’t too long ago that Musk became the second man ever I accumulate personal wealth of more than $200 billion. This happened in January 2021, just months after Amazon’s founder Jeff Bezos accomplished the same feat.
Much of Musk’s lost billions was absorbed by the falling value of his stock in the Tesla, an electric vehicle company of which he is CEO. That value has fallen 65% this year and was down 11% just last Tuesday, Bloomberg noted on Friday.
Musk’s fortune so far peaked in November 2021 at $340 billion, according to Bloomberg Billionaire Index. He is it’s now worth a not-too-shabby $137 billionaccording to Bloomberg, but that’s still a steep dive from 2021.
Musk’s challenges include huge controversy over his hands-on management of struggling Twitter, for which he paid $44 billion. The self-described “freedom of speech absolutist” has repeatedly come under criticism for arbitrariness shoe journalists over acts of which he disapproves, while allowing previously forbidden ones neo-nazis back to the social media platform.
The billionaire described the financially struggling Twitter as “at its core … an airplane that is headed for the ground at high speed with engines running and controls not working.
The company apparently is so stuck for money that Musk recently shut down the servers supporting Twitter’s data center in Sacramento. He also reportedly fired janitors at Twitter’s San Francisco headquarters forcing some employees to bring their own toilet paper.
Tesla investors fear that Musk’s excessive involvement on Twitter is distracting him from responding to serious problems at Tesla amid growing competition.
In a dramatic move, Tesla is offering American consumers a $7500 discount on certain car models before the end of the year. The company is also reported decrease in production at its factory in Shanghai.
The world’s billionaires collectively lost nearly $2 trillion in 2022, Forbes was reported earlier this month. American billionaires lost a total of $660 billionmore than any other country, Forbes notes, and Musk has lost the most of all.
(However, the loss came after the world’s billionaires added $5 trillion to their total wealth between March 2020 and November 2021)
Forbes attributed the losses in America to falling tech stock values, rising interest rates, inflation and a weakening economy.
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