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Musk's fortune shrinks.

 

Elon Musk may still be the world’s richest person, but his fortune is going backwards at a rate of knots, shedding $8.6 billion on Monday alone. Tesla, the maker of electric cars, accounts for most of his fortune, but the tightening of Covid-related restrictions in China has been painful for the marque. Its China crisis is not the only issue weighing on the Tesla share price. Last night, Tesla shares closed up $2.04, or 1.2 per cent, at $169.91.

According to the Bloomberg Billionaires Index, the new owner of Twitter is worth $169.8 billion, but that is down by an extraordinary $100.5 billion this year.

Critics argue that Musk’s woes with Tesla can be attributed to his will-he, won’t-he acquisition of Twitter, which finally took place last month. The 51-year-old has dispensed with about 60 per cent of the social media network’s employees since taking charge, including a round of redundancies on Sunday. In addition, Tesla’s dependence on Musk is listed as a risk in security filings, which state, «although Mr Musk spends significant time with Tesla and is highly active in our management, he does not devote his full time and attention to Tesla».

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  1. Brian23 November 2022 at 16:38

    Once Twitter takes off (and it will) his fortune will increase. It will take 4-6 months to make things happen at Twitter and get Tesla back on track but it will happen.

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