Twitter, SpaceX CEO Elon Musk loses US$100 billion of his wealth from plummeting Tesla shares

Name: Elon Musk promises Tesla humanoid robot won’t be like the ‘Terminator’
Uploaded: 2022-11-23T07:15:12.000Z
Duration: 2 min 10 s
Description: Elon Musk promises Tesla humanoid robot won’t be like the ‘Terminator’

Musk’s net worth, which peaked at US$340 billion in November 2021, took a nosedive on Tuesday to its lowest point in 2022 at around US$170 billion

Tesla shares have plummeted around 58 per cent this year, and hit a two-year low on Monday

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SpaceX Chief Engineer Elon Musk. Photo: Reuters/File

Business Insider

Published: 3:15pm, 23 Nov 2022

Elon Musk, the CEO of Tesla, SpaceX and now Twitter, has seen his wealth plunge almost $100 billion this year, the steepest drop ever reported on Bloomberg Billionaires Index.

The 51-year-old’s net worth – which peaked at US$340 billion in November last year – took a nosedive on Tuesday to its lowest point in 2022 at around US$170 billion, after Tesla shares hit a two-year low on Monday, Bloomberg reported.

Musk holds an around 15 per cent stake in Tesla and the decline in the electric vehicle maker’s stock price on Monday shaved around US$8.6 billion off Musk’s wealth in just one day.

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Elon Musk promises Tesla humanoid robot won’t be like the ‘Terminator’

The tech mogul draws most of his wealth from the stocks and ownership of Tesla, SpaceX, and most recently Twitter, per Bloomberg. Tesla shares have plummeted around 58.03 per cent year to date.

Even so, Musk remains the world’s richest person, as his net worth beat that of runner-up Bernard Arnault – the chairman of the world’s largest maker of luxury goods, LVMH Moet Hennessy Louis Vuitton – by roughly US$13 billion, per the Bloomberg Billionaires Index.

According to the same index, Musk’s net worth also eclipses that of Amazon founder Jeff Bezos and Microsoft co-founder Bill Gates, by roughly US$54 billion and US$57 billion, respectively.

Tesla’s stock price has been under pressure this year amid a broad sell-off in the tech markets due to concerns of an economic downturn and on the back of the Federal Reserve’s aggressive interest rate hikes.