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Local Syrian sources: An Israeli airstrike targeted a tank and artillery battalion in the city of Izraa in the Daraa countryside
Al Mayadeen's correspondent in eastern Lebanon: 12 martyrs and 5 wounded in Israeli raids targeting the outskirts of Wadi Fa'ra in the northern Bekaa Valley
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Israeli media, citing Israeli political sources, reported that the Shas movement is expected to withdraw from the government within less than 24 hours
Qatari Foreign Ministry: Negotiations to reach a ceasefire in the Gaza Strip are still in the first stage. We are continuing our efforts around the clock
Channel 14, citing a senior Israeli political source, reported: The attacks in Syria and Tel Aviv's offensive policy are coordinated with the Americans
Lebanese Ministry of Health's Emergency Operations Center: Six injured as a result of Israeli airstrikes on the Bekaa Valley in eastern Lebanon
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UNRWA: One in 10 children in Gaza suffers from malnutrition

Elon Musk's net worth fell $208bln over 2022 after Tesla stock crash

  • By Al Mayadeen English
  • Source: Agencies
  • 30 Dec 2022 11:04
3 Min Read

Elon Musk’s net worth collapse is the biggest loss of wealth in modern history.

  • x
  • Elon Musk (The Verge)
    Elon Musk (The Verge)

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. 

Read more: Elon Musk: 2022’s Twitter-gate Genius of the Year

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. 

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Musk’s AfD endorsement fuels Tesla backlash in German factory town

Tesla shares drop nearly 7% after Musk launches ‘America Party’

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. 

  • Tesla
  • Elon Musk
  • Twitter

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