Elon Musk: World’s richest billionaire loses $69 billion within 5 months as Tesla stock tumbles, details can be accessed below.
According to the Bloomberg Billionaires Index, Musk has lost $69.1 billion since the start of 2022. His net worth is now $201 billion.
In the course of Friday’s trading, Tesla stock, from which a larger part of Musk’s wealth was derived, fell more than 10 per cent to $636 per share at one point.
- MTN Nigeria Now More Valuable Than All Nigerian Banks, Insurance Companies Combined
- London Stock Exchange Gains Crypto Exposure As It Acquires Tora For $325 Million
Meanwhile, Chinese buyers are flocking to Tesla vehicles, fuelling hopes of supercharged growth in the world’s largest auto market. With a market share of 2.5 per cent in the first quarter of 2022, Tesla is closing in on luxury carmakers BMW, Mercedes-Benz, and Audi.
What you should know about Tesla Stock
- Tesla shares are being affected by the same forces that are roiling global stock markets – war in Ukraine, rising interest rates, recession threats, supply chain chaos, and surging inflation.
- Tesla shares have fallen far more than those of other Silicon Valley giants; Apple or Alphabet, the owner of Google.
- The premise that enabled Tesla to reach its astronomical stock price and make its founder Elon Musk the richest man on earth is being re-examined by investors.
- More than $400 billion worth of stock value has evaporated since Tesla’s shares dropped 40 per cent on April 4. This reveals the risks the company is facing.
- These include increased competition, a lack of new products, and lawsuits alleging racial discrimination.
- China’s production problems have undermined Tesla’s claim to being the most valuable car company in the world.