Elon musk has been at the center of the news this year. With the acquisition of Twitter and his controversial decision to make the verified tick a paid subscription, he is making headlines everywhere.
Undoubtedly, SpaceX has been doing wonders regarding its program related to taking humans back to the moon. But at the same time, Tesla’s overall shares have plummeted by 52%.
The decline does not only affect Tesla but also affects the billionaire. With over 100 billion lost only this year, Musk is the first billionaire ever to record such a hefty loss in a financial year.
At the peak of his wealth around 12 months ago, the billionaire had 340 billion dollars to his name. This no longer is the case as he now sits atop a fortune of 170 billion dollars. Well, technically, he is still the richest man on the planet, but the billionaires are now catching up.
Musk has always taken a personal interest in whatever he does; in doing so, he had a total share of 15% in Tesla. But last week, once the shares of Tesla plummeted again and wiped off 8.6 billion dollars worth of shares, this effectively wiped the amount off of Elon Musk.
And well, we all know that the takeover of Twitter is not going to plan. This only added to the chaos which was already brewing for Elon Musk.
Now, if all of this was not bad enough, the global economic situation has only added fuel to the fire. He must cut around 10% of his workforce over the summer when he was presumably feeling bad about the economy.
Major investors are now backing off because they are seemingly worried about it. Tesla’s operations in China. The autocratic regime in China has been forcing a zero-COVID policy in the country, hampering production.
Nonetheless, Elon Musk is still the richest man on this planet. He has undoubtedly managed to inflict self-made problems on himself and his business partners, but this is who Elon Musk is.