Falling Tesla Stocks Have Taken a $100 billion Bite Out of Elon Musk’s Fortune
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On Monday, Tesla shares hit a two-year low. By Tuesday, the dip had put Musk’s net worth at $171 billion — down from $340 billion in November 2021. Bloomberg says the tech mogul’s wealth comes from Tesla, SpaceX, and Twitter. Since the beginning of 2022, Tesla shares have dropped by nearly 60%. Still, Musk remains the wealthiest man, with about $13 billion more than no. 2 Bernard Arnault, chair of LVMH Moet Hennessy Louis Vuitton.
Tesla’s stock market plunge is due to investor worries about the EV company’s Chinese market, which has been heavily impacted by China’s Covid policies. Tesla’s shareholders are also likely to be concerned about Musk’s ability as CEO of Tesla after his purchase of Twitter. Tesla stock prices are feeling the heat, as well as worries about Fed interest rate hikes and an economic downturn.
Investors.com writer Ed Carson provides an overview and some context:
Tesla stock is not doing well. It’s not the only one. Aggressive stocks have had a terrible 2022. Tesla’s EV rivals in particular have struggled, including Nio stock, Li Auto, Rivian (RIVN) and BYD. So by that measure, TSLA stock doesn’t look especially bad over the course of 2022. BYD is flat in November, while Nio and Li Auto are both up this month. Tesla stock has lost one fourth of its value.
As of early Wednesday, neither Tesla nor Musk had any comment on the news.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.