Elon Musk lost $100bn, still world’s richest man

November 23, 2022 0 By Cypher9ja

Tesla CEO Elon Musk lost approximately $100 billion this year, which according to the Bloomberg Index is the “largest one-year drop ever reported”.

Stocks cost Elon Musk $100bn

Despite dropping from $340 billion last November to around $170 billion this year, the Tesla, SpaceX and now Twitter CEO is still the richest man in the world.

As reported by Business Insider, the massive drop in this net worth was likely “caused by Tesla shares falling to a two-year low on 21 November 2022”.

Musk’s 15% stake in the company was also responsible for a loss of nearly $7 billion – in only one day – as stocks declined.

To date, Tesla stocks dropped by 58.03%.

Tesla court case

Musk also had to return to the Delaware Court of Chancery earlier this month, to justify Tesla compensation grant of R1 trillion [$56 billion] paid out to him in 2018.

Musk and the Tesla directors in the firing line denied any allegations of wrongdoing, stating he had reached several of the stipulated milestones.

The billionaire was a chairman of the Tesla board and held a 22% stake in the company while also being on the receiving end of the deal.

Drop in stocks

Tesla shares (TSLA), “underperformed the broader market in midday trading Monday, as worries about China’s Covid lockdowns were back to the forefront”.

That said, the future still seems promising. During the third quarter of 2022, the company delivered 343,830 EVs which represents a 42% increase (YoY) year-over-year.

As for its Wall Street value, Morgan Stanley analyst Adam Jonas said Tesla had an ‘overweight’ rating a price target of $330.

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Covid lockdown, oil and Twitter

Business Insider reports: “Additional concerns that have driven down the value of Tesla stocks are China’s zero-Covid policies”.

Musk’s recent high-profile takeover of Twitter also didn’t help.

In addition, “oil futures prices dropped more than 5% to trade at 10-month lows”, as per data collated by Market Watch.

ALSO READ: ‘Collision risk’ sees nearly 200 000 Tesla cars recalled in China

Elon Musk’s net worth

At the time of publishing, Musk’s net worth expanded by another $1.28 billion, while Bernard Arnault, the world’s second richest man, lost $454 million.

Arnault currently has a net worth of $157 billion.

Jeff Bezos has meanwhile dropped to the fourth-richest man in the world with a net worth of $116 billion after recovering $811 million as per The Bloomberg Billionaires Index’s daily calculations.