While Elon Musk remains super busy revamping Twitter, the shares of his EV maker company Tesla have fallen to their lowest mark in 2 years. This has ballooned the fall in Elon Musk¡¯s net worth, taking it over $100 billion this year.
Despite this massive fall in his net worth,?Musk is still the richest person in the world.?
As per the Bloomberg Billionaires Index, Elon Musk currently has a net worth of $170 billion, having fallen by $101 billion this year to date. Louis Vuitton¡¯s CEO, Bernard Arnault, sits in the second position with $157 billion in net worth, followed by Gautam Adani ($130 billion), Jeff Bezos ($116 billion) and Bill Gates ($113 billion) to complete the top 5 list.?
Tesla?shares dropped 6.8% to $167.87 in New York trading yesterday, i.e., Monday, which is the lowest since November 2020. And the shares are down 20% in the past month and 58% this year to date. This is far more than the nearly 30% decline in the tech-heavy Nasdaq 100 Index this year.
Tesla comprises the bulk of Musk¡¯s fortune?and has been struggling with burgeoning COVID-related restrictions in China, which is its largest market outside of the US. Tesla had recently even announced a recall of more than 300,000 cars due to faulty tail lights, while also reportedly dealing with supply-chain snarls and soaring raw material costs, as per a Bloomberg report.
Musk¡¯s net worth shrank by nearly $8.6 billion on Monday, i.e., yesterday. It had peaked at $340 billion a little more than a year ago. Musk's net worth fell below $200 billion earlier this month for the first time this year, as he sold $3.95 billion in Tesla stock after purchasing Twitter for $44 billion.
Last month, Tesla also missed its quarterly revenue expectations and posted $3.3 billion in profit and $21.45 billion in revenue.
Musk had recently said that he does not want to be the CEO of any company and has been looking to cut back on his time on Twitter and find someone else to run it over time.And according to former Tesla board member James Murdoch,?Elon Musk is reportedly?thinking about?stepping down as CEO of?Tesla?as well.
Also Read:?South Koreans Show Love For Musk By Piling Up $15?Billion Tesla?Stake
Ever since Elon Musk took over Twitter in late October, he¡¯s been busy revamping the social networking company. The highlight amidst the revamping has been the layoff saga.?
Right from the day Musk took over Twitter, he quickly fired its?ex CEO Parag Agrawal and some other top executives, and then laid off 50% of the workforce, i.e., around 3,700 employees. And that¡¯s not all. Musk went on to fire a few more amongst the remaining employees, besides?laying off 4,400 contractual workers.
As per American technology news website The Verge, Elon Musk has now told staff in an all-hands meeting that the company does not plan more layoffs and is recruiting for engineering and ad sales roles, and that employees are encouraged to make referrals.
For more of such interesting and latest financial news, keep reading Indiatimes Worth.?Click here