Elon Musk's net worth fell $208bln over 2022 after Tesla stock crash
Elon Musk’s net worth collapse is the biggest loss of wealth in modern history.
Elon Musk endures the biggest wealth loss in modern history as his net worth plunged by a whopping $208 billion over the last year, according to the Bloomberg Billionaires Index as a result of the collapse of Tesla stock.
This lost amount is equivalent to more than the total net worth of Dior and LVMH's Bernard Arnault, the world's richest man.
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In November of last year, the former richest man's net worth reached $338 billion but has bid farewell to nearly 70% of Tesla's value this year after delays in production in China, recalling vehicles, and worries by investors of Musk's time-spending at Twitter.
Tesla shares have fallen to their lowest for the first time in two years as Tesla's stock said goodbye to more than half of its value since October. This has left investors concerned that Musk has replaced his efforts in Tesla with Twitter.
Wealth is to 'help problems on Earth'
Tesla’s market was once ranked among the 10 most valuable companies, even though it remains the world’s most valuable car manufacturer.
In light of that, Musk emailed Tesla staff that he believes the company will become “the most valuable company on Earth” in the long run. “Don’t be too bothered by stock market craziness,” he stated, “as we demonstrate continued excellent performance, the market will recognize that.”
Known as the electric car empire, Tesla's shares experienced a rollercoaster this year with Musk's hand on the controller. In November, he sold almost $4 billion worth of Tesla shares, and just this month, he sold a whopping 22 million shares (worth $3.6 billion). According to the SEC, the former CEO currently owns more than 423.6 million Tesla stakes, amounting to approximately 13% of the company's shares.
Although Musk almost never mentions a word on his wealth, in a thread on Twitter back in 2018, he posted, “You should ask why I would want money,” adding, “About half my money is intended to help problems on Earth and half to help establish a self-sustaining city on Mars to ensure the continuation of life (or all species) in case Earth gets hit by a meteor like the dinosaurs or WW3 happens and we destroy ourselves.”
On a similar but separate note, Microsoft’s Bill Gates, Amazon’s Jeff Bezos, Oracle’s Larry Ellison, and Google’s Larry Page have recorded a loss of more than $180 billion combined this year.