In the majority of 2022-23, Elon Musk was considered the most wealthy person globally. But as the year ends, Musk has lost the top spot, as his wealth has decreased by an astounding $132 billion, Markets Insider reported.
2021 was an amazing one in the world of Elon Musk. As the world struggled with the ramifications of the epidemic, Musk’s electric car-making company surpassed its record-breaking deliveries. It was noticed by investors, who took its stock price to new heights. At the close of this year, the company’s share value hit an all-time maximum of $407, and Musk’s wealth grew to over $300 billion, which makes him the most wealthy person by a significant distance.
2022 has been smoother. The stock continued to perform well in the initial quarter; however, Musk’s announcement of a purchase of Twitter caused a flurry of anxiety among investors, who were wondering how Musk would divide his energy between the five businesses he’s currently in charge of. Musk’s desire to invest in Twitter is likely to be the most crucial over other issues, and the forecasts were made more likely when Musk sold off Tesla shares to fund his Twitter purchase.
Tesla stock is declining.
With Musk spending more and more time working on Twitter while refusing to resign as CEO, despite an open poll that he pledged to follow through, Tesla stock is showing little sign of recovery shortly.
The stock on Tuesday decreased another 10 percent, valuation, marking a 72 percent drop since the start of this year. Musk’s fortunes, which were heavily dependent on Musk’s stake in Tesla, is also shrinking by $140 billion in the wake of the recent drop, as per Bloomberg Billionaires Index.
While the markets are in a downward direction because of tightening fiscal policies by the Federal Bank of the United States, U.S. Federal Bank, Tesla’s decline is notable because the tech-driven Nasdaq, which is where Tesla is part of, has only dropped 3 percent despite months of increasing interest rates.
The threat of a recession and increasing competition in the EV markets have rendered Tesla stock less attractive for investors.
Tesla is a favorite among shooters.
According to Bloomberg estimates, SpaceX is now Musk’s greatest valuable asset, contributing $47 billion to his wealth. Tesla, the company whose shares Musk has sold this year, is now worth $40 billion. The newly bought Twitter is worth 20 billion dollars to Musk’s total fortune.
The decline in Tesla’s value is costing Musk cash every day. However, it’s earning money for those who have bet on the company. As per Markets Insider, Tesla is the most popular choice for short sellers and has been raking in billions of dollars as its price continues to fall.
Musk seemed to be leaving Twitter management this week for a short time and is now back to posting memes on the site for the second time.
People reacted to this tweet with a request to Musk to stop tweeting and create Cybertruck instead.
In a position of no successor for Twitter, Musk is expected to become the CEO of the social media company shortly. He said that the company is safe from filing for bankruptcy soon.
The longer Musk plays around with Twitter and other social media platforms. The more Tesla shares will continue to slide, pushing him further down Bloomberg’s Billionaire List. Indian billionaire Gautam Adani is currently number three on Bloomberg’s list. Only $14 billion separates them.
