Well-known entrepreneur Elon Musk, who appears among the richest people in the world, experienced a record drop in 2022.
Elon Musk, CEO of Tesla, SpaceX and Twitter, has noticed that his fortune has shrunk by more than $100 billion this year. This was the sharpest drop in the Bloomberg Billionaires Index ever.
As of Monday, Musk, with a net worth of $169.8 billion, remains the richest person in the world.
The unprecedented downturn reflects the latest challenges Tesla is facing amid rising raw material costs and supply chain disruptions that make up the bulk of Musk’s fortune.
THE PROBLEMS ARE INCREASING
The problems have been exacerbated by the latest recall of more than 300,000 vehicles due to defective taillights and Tesla’s strict stance on no cases in China, its largest market outside the US.
Shares in the electric car maker fell 6.8 percent to $167.87 at Monday’s close, its lowest share price since November 2020.
Tesla shares have lost more than half since the beginning of the year.
Twitter agreement
Tesla shares are Elon Musk’s main source of wealth. Investors became worried after Musk announced that he would buy Twitter in 2022.
Fearing that Musk would spend too much time on Twitter, investor fears hastened Tesla’s stock decline.
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