Elon Musk Lost 100 Billion This Year Due To Drop In Tesla Shares

 Elon Musk Lost 100 Billion This Year Due To Drop In Tesla Shares

Elon Musk's Lost $100 Billion This Year Due to Drop In Tesla Shares

According to verified reports, the wealth of Elon Musk dropped by $100 billion in 2022 due to the drop in Tesla shares. The Billionaires Index maintained by Bloomberg reveals that a drop in this scale is the steepest since the introduction of this index!

In November 2021, the wealth of Elon Musk was $340 billion, which was the highest level for the 51-year billionaire. And if we look at his wealth in November 2022, it now sits at $170 billion. The main reason behind this drop can be attributed to the performance of Tesla shares in the market. At the time of writing this, Tesla shares were trading at a 2-year low!

Elon Musk Holds 15% Share In Tesla

Overall, Elon Musk controls a 15% share of the Tesla company. However, the stock price of the electric car manufacturing company is declining, which is the main cause of a decrease in Musk's wealth.

During the Monday trading session, Tesla stock declined, which removed another $8.6 billion from Elon Musk's wealth. To think that someone could lose $8.6 billion in one day seems odd, but it has happened in the case of Elon Musk.

If we look at the wealth of Elon Musk, most of it is driven by his stock holdings and ownership in companies such as SpaceX, Tesla, and Twitter.

On a year-to-date basis, Tesla shares have lost 58.03% of their value, which is in line with the decrease in Elon Musk's wealth.

But despite this decrease in wealth, the richest person in the world is still Elon Musk. In the 2nd spot is Bernard Arnault which is around $13 billion behind Elon Musk.

And if we compare Elon Musk's wealth with Bill gates, there's a $57 billion difference between them. Similarly, Jeff Bezos is around $54 billion behind Elon Musk!

As for why the Tesla stock continues to decline, it is mainly due to the bearish market cycle in the US equities market. In addition, the tech sector, in particular, is also experiencing bearish pressure, which has caused Tesla to touch multi-year lows.

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