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Elon Musk, the man who for the most part of 2022 was the richest person on the planet, now has a new tag, the first man to lose $200 billion of personal fortune, Bloomberg reported. Fortunately, musk raised enough money in 2021 to remain the second richest person in the world by the time 2023 was born.
Musk's personal wealth is largely related to his ownership interests in various businesses he owns and has founded over the years. 2021 test stock surged alongside technology stocks that were not impacted by the pandemic. Musk became the first person to raise more than $300 billion in personal value as the tesla stock market climbed to its peak of life.
However, the dawn of 2022 brought the recovery of other companies, and the evaluation of tesla started to decline. Unlike Sam Bankman-Fried, whose fortune crashed in just a week, Musk's has been on the decline for 2022, making it a year to forget for him.
Federal politics, selling Musk wound Tesla.
In October 2021, Tesla's market valuation surpassed $1 trillion, placing the EV manufacturer in the august business with Apple, Microsoft and Amazon. However, with record inflation in the United States, the U.S. Federal Bank stepped in and began raising interest rates to dampen demand and curb price increases.
Tesla, which made record deliveries in 2021 and is expected to confirm higher numbers in 2022, will see its deliveries shrink in 2023 as borrowing money becomes more expensive and people put off buying new cars till economic conditions improve. Even Musk has been tweeting about it for the past month.
Tesla performs like never before!
The Federal Reserve is not under our control.
That is the real problem here.
— Elon Musk (@elonmusk) December 16, 2022
In this context, Elon Musk took a look at the Twitter social media site and financed his purchase through the sale of Tesla shares. The market saw this decision as a priority for Musk on twitter rather than on tesla ev-making and went downwards on the stock, This resulted in a 65% decrease in the value of equities in 2022.
Musk fortunes, which rely heavily on the price of tesla shares, also fell over the year and surpassed $200 billion by the end of 2022.
The most valuable assets of Musk.
The fact that Tesla was struggling also became clear when the company began offering its U.S. customers a rare $7,500 discount before the end of the year. Musk, which complained about the impact of containment measures on production capacity over the last two years, has now ordered a production cut at its Shanghai facility.
Tesla's downgrading also puts Musk's other company, Space Exploration Technologies Corp., commonly known as spacex, at its best. After Musk sold parts of it, its inventory remaining at up to $44 billion in current market value, whereas its share in spacex is higher to 44.8 billion dollars.
Its newly acquired asset, Twitter, is worth $20 billion, less than half of what Musk paid a few months ago. Musk must unlock the potential of the social media site quickly if it is not to slide further down the list of the richest in the world.
