- The Tesla CEO has watched his wealth spiral down to a new low after shares of his electric car manufacturing company plummeted.
- Elon Musk’s personal fortune has declined to $137 billion, down from a peak of $340 billion in November 2021.
- Musk has faced criticism for his management of Tesla, including selling a large amount of stock to cover the cost of acquiring Twitter and engaging in erratic behavior on the social media platform.
Elon Musk, CEO of Tesla Inc., has experienced a significant drop in his personal fortune, falling from a peak of $340 billion in November 2021 to $137 billion due to a decline in Tesla’s share price.
According to Bloomberg, Musk’s wealth had previously reached a historic high of over $200 billion in January 2021, making him only the second person ever to achieve this level of personal wealth, after Jeff Bezos.
However, Tesla’s market capitalization of over $1 trillion, achieved for the first time in October 2021, has now been jeopardized as competitors close the gap in the electric vehicle market.
In order to boost sales, Tesla is offering a significant discount to US consumers on its highest-volume models and reducing production at its Shanghai plant.
In the midst of these financial challenges, Musk has drawn criticism for his controversial management style and focus on Twitter, which he acquired for $44 billion in October 2021.
Musk has also blamed the Federal Reserve for the decline in Tesla’s stock price and advised against borrowing money in volatile markets.
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