Amazingly, after losing $100 billion Elon Musk still remains the world’s richest person.
Elon Musk. Image credit: SpaceX.
Most of the decline in his wealth is related to the drop in the value of Tesla shares – they now trade for the lowest price in two years. According to the Bloomberg Billionaires Index, Musk still owns $169.8 billion, after the latest drop of $8.6 billion this Monday.
These fluctuations are the result of the difficult global economic situation in the tech sector. The world is currently dealing with repeated stringent COVID restrictions in China, the war in Ukraine, and disruptions in the logistic chains.
The largest part of Musk’s wealth is tightly associated with his Tesla stocks. The world’s largest electric vehicle maker faces a series of new economic challenges, including increasing costs of raw materials, production recalls, and looming legal investigations into the safety issues associated with the company’s autopilot system.
Musk is currently devoting most of his time to Twitter, which he acquired a short while ago for $44 billion. His attempts to restructure the company have so far led to the loss of about 60% of its workforce. Many market experts are expressing concerns over the social media platform’s stability and general prospects, while investors are openly criticizing Musk for his “attention divide” between two large companies.