Tumbling Tesla shares cost Elon Musk a whopping $200 billion
However, Tesla’s charm started fading soon after that as rivals caught up, affecting Musk’s net worth. The Tesla chief remained the world’s richest person but his fortune was declining rapidly. It has been a steeper downward spiral since September last year. And in early December, he lost the crown to Bernard Arnault, the co-founder and CEO of Paris-based luxury-goods powerhouse LVMH. Meanwhile, Musk’s downward spiral continued and by the end of 2022, he had lost a whopping $200 billion in just 14 months. He is the only person on the planet to lose this much wealth.
Tesla appears to be struggling with the demand
Tesla’s share fell a staggering 65 percent last year. And this is likely because it’s no longer attracting customers. The company appears to be struggling with the demand. It has reportedly cut down production at its Shanghai factory in China. The EV maker also recently offered a rare $7,500 discount to US consumers to take delivery of Model 3 sedans and Model Y sport utility vehicles, two of its two highest-volume models. Musk, meanwhile, sold a huge number of Tesla shares last year to fund his $44 billion purchase of social media giant Twitter. The EV company is reportedly no longer his biggest asset. SpaceX, aka Space Exploration Technologies Corp., is his new money spinner. He owns 42.2 percent of SpaceX, which is worth $44.8 billion. Musk’s current stock in Tesla is worth $44 billion. He has dismissed concerns about the EV maker, though. “Tesla is executing better than ever!” Musk tweeted a couple of weeks back. “We don’t control the Federal Reserve. That is the real problem here,” he said criticizing the Federal Reserve for raising interest rates.
