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The year 2022 was a tough one for Tesla’s CEO Elon Musk. He became the first human ever to lose a whopping $200 billion from his total fortune.
Elon Musk, Tesla CEO. Image credit: Daniel Oberhaus via Flickr, CC BY 2.0
In previous years Musk achieved many positive “firsts”, including the fact that he became the second person to have the total value of wealth in his hands exceeding $200 billion – an achievement recorded in January 2021.
According to Bloomberg, the current riches of Tesla’s CEO dropped to $137 billion, and this change is primarily associated with the downward trend in the value of Tesla’s shares.
Currently, Bernard Arnault, the CEO of French luxury giant LVMH, has taken over the first place as the world’s richest person.
What caused the value of Tesla to nosedive?
In fact, stocks of the world’s most valuable manufacturer of electric vehicles experienced several hits to its overall market appeal.
Most investors are inclined to associate this trend with Musk’s recent acquisition of the social media company Twitter.
To amass $44 billion to complete this purchase, he was forced to sell a relatively large part of his stock in Tesla. Later, several smaller sell-offs followed, diminishing the market’s confidence in Tesla’s short-term prospects. Musk also had to divert much of his attention from his primary company to his new acquisition, where he still hasn’t solved the profitability issue.
But it was certainly not the only aspect that had a negative impact. Fox Business named the Top-5 must-do list for Musk needed to stabilize the situation, and this list includes:
- Appointing a new Twitter CEO
- Stop new sell-offs of Tesla’s stocks
- Establish conservative delivery targets for the near future
- Prioritize Tesla, not Twitter
- Deliver long-promised products from his other companies, including Cybertruck and Neuralink’s brain chip.
Currently, Tesla shares are down 65% from their peak value.
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