Elon Musk Loses $140 Billion in 2022 as India Billionaire Closes in on Second Position
- Elon Musk has become the biggest loser among billionaires in 2022 following the decline of Tesla shares
- His loss began in October the month he took over the reins at Twitter, the company he acquired for $44 billion
- Elon Musk’s second position is threatened by Indian energy billionaire, Gautam Adani who made $44 billion in 2022
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While Elon Musk is distracted by Twitter, his wealth has continued to plummet at record levels after losing the world’s richest man title.
Musk’s wealth began to decline in October the same month he took over the reins at Twitter.
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Tesla's share plummet drags Elon Musk's wealth down
His electric car company, Tesla shares have fallen and the billionaire lost about $8.8 billion on Tuesday, December 27, 2022.
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Tesla’s latest selloff increased Musk’s woes after losing his top position on the richest peoples index in December 2022 to the luxury merchant, Bernard Arnault.
His cumulative loss is now put at $140 billion, outpacing his gains from 2021 when his wealth increased to one of the largest in history.
Bloomberg Billionaire Index says Musk’s net worth dipped to its lowest level in over two years.
His car company’s shares posted their worst day in eight months on Tuesday, December 27, 2022.
Tesla has lost more than half its value since October, making investors worried that Musk’s distraction and obsession with Twitter may jeopardise the financial health of the auto company.
Tesla stocks reached a record high in November 2021 and have since dropped 73 per cent. Tesla's share price has dragged Nasdaq stocks down by 69 per cent in 20221.
Musk offloads large chunk of Tesla shares
Regulatory filling in early December 2022 shows that Musk owns around 13 per cent of Tesla with about 279 million exercisable stock options remaining from his grant in 2018.
Musk has been selling large quantities of Tesla shares following Twitter’s losing streak.
He sold additional 22 million Tesla shares in mid-December for a total transaction valued at $3.6 billion.
Adani threatens Musk's position
However, India and Asia’s richest man, Gautam Adani’s wealth has continued to climb, making about $40 billion in 2022 to propel him to third place on the billionaire’s index.
Adani displaced Amazon founder, Jeff Bezos who is now the sixth richest man in the world.
The Indian had an increase in the share price of his energy company since the beginning of this year.
As of the time of writing, Elon Musk has gained about $2 billion dollars, according latest ranking.
Elon Musk loses world’s richest man title to French billionaire as worth drops by N1.6tn in hours
Legit.ng reported that Elon Musk, Twitter and Tesla CEO, briefly lost his title as the world's richest person today, according to the Forbes list that tracks the wealth of the world's billionaires in real-time.
With US tech stocks sliding as interest rates and recession fears rise, Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, and his family briefly took the title as the world's richest.
However, by 5.30 p.m on Wednesday, 7 December 2022, Musk was back on top, but with a $3.8 billion (N1.6 trillion) loss, the most for the day among listed billionaires, Reuters reports.
Source: Legit.ng
