RT.com
23 Nov 2022, 00:13 GMT+10
The fortune of the world's richest person sees record drop in 2022 as Tesla stock sinks
Elon Musk has seen his fortune decline by over $100 billion this year, marking the steepest drop ever recorded on the Bloomberg Billionaires Index.
With a net worth of $169.8 billion, Musk remains the world's richest person, as of Monday.
The unprecedented plunge reflects the latest challenges Tesla, which comprises the bulk of Musk's fortune, is facing amid soaring costs for raw materials and supply-chain disorders. The problems have been significantly exacerbated by the latest recall of over 300,000 vehicles due to faulty tail lights, and by the strict zero-Covid stance in China, Tesla's major market outside of the US.
Shares of the electric car manufacturer declined by 6.8% to $167.87 at the close of trading on Monday, marking the lowest stock price since November 2020. Tesla shares have lost more than half their value year to date.
Musk holds a stake of nearly 15% in Tesla and the decline in the electric vehicle maker's stock price wiped out some $8.6 billion from his wealth in just one day.
Last month, Musk acquired social-media platform Twitter for $44 billion. He has fired some 60% of its employees since the takeover, the latest round of layoffs coming on Sunday. Investors have been worried about whether the businessman is able to focus on his role as Tesla CEO after acquiring Twitter.
Tesla's stock price has been under considerable pressure in 2022 due to a massive selloff in the tech markets related to deep concerns of an economic decline, as well as on the back of the Fed's hawkish stance. The tech-heavy Nasdaq 100 Index is down nearly 30% this year.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Professional Autos news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Professional Autos.
More InformationLONDON, England: The Society of Motor Manufacturers and Traders has reported that new car registrations in the UK rose for ...
TAIPEI, Taiwan: After the end of COVID-19 disruptions in China, Taiwan's Foxconn, the world's largest contract electronics maker and major ...
NEW YORK, New York - Stocks ended sharply higher on Tuesday following mixed comments by Federal Reserve Chairman Jerome Powell.Powell ...
NEW YORK CITY, New York: The Wall Street Journal reported this week that the US Federal Trade Commission is preparing ...
VEVEY, Switzerland: In an interview with Frankfurter Allgemeine Zeitung this week, Nestle's Chief Executive Mark Schneider said the world's largest ...
WASHINGTON D.C.: Despite the efforts of the Federal Reserve Bank to cool the job market to help curb record-high inflation, ...
© Provided by Xinhua BEIJING, Feb. 8 (Xinhua) -- Well begun is half done. Off to a good start in ...
New Delhi [India], February 8 (ANI): The Ministry of Education on Wednesday asked the Comptroller and Auditor General of India ...
New Delhi [India], February 8 (ANI): To provide accommodation facilities to the students and residents of Himachal Pradesh visiting the ...
Giridih (Jharkhand) [India], February 8 (ANI): Half-burnt body of an 18-year-old youth was found in near Khandoli forest of Jharkhand's ...
Mumbai (Maharashtra) [India], February 8 (ANI): The Anti-Corruption Bureau arrested a sub-engineer of the civic building and factories department, while ...
New Delhi [India], February 8 (ANI): Prime Minister Narendra Modi on Wednesday hailed the historic landing of indigenous LCA (Navy) ...