The recent drop in Tesla stock has resulted in Elon Musk losing $137 billion. (AP Photo/Matt Rourke, File) (AP)
Elon Musk's wealth reached $340 billion on November 4, 2021, and he took the title of the world's richest man.
In January 2021, Tesla CEO Elon Musk became the second person to amass a personal fortune of more than $200 billion, months after Jeff Bezos. Kasturi has now completed her first by becoming the first person in history whose net worth has fallen short of $200 billion.
As rivals catch up, Tesla's leadership in electric vehicles, the basis of its high valuation, is in jeopardy. In addition to apparently slashing production at its Shanghai plant, it is also offering US customers an unusual $7,500 discount to take delivery of its two highest-volume models before the end of the year.
According to the Bloomberg Billionaires Index, Musk has lost $137 billion as a result of the recent decline in Tesla stock, which included an 11% drop on December 27. His net worth as on November 4, 2021 was $340 billion. And he held the title of world's richest man until French entrepreneur Bernard Arnault, who founded LVMH, passed him in December.
The milestone in round numbers reflects how far Musk has risen during the rise in asset prices during the easy-money pandemic era. In October 2021, Tesla became the first publicly traded company to hit a market capitalization of $1 trillion, despite the fact that it is ahead of tech giants Apple Inc., Microsoft Corp., Amazon.com Inc., and Google parent Alphabet Joined the ranks of Inc. The market share of its electric vehicles was relatively small.
With incentives intended to support sales in China, Tesla is starting 2023 as it did in 2022. Tesla's website states that the automaker will give up to 10,000 yuan ($1,450) to Model 3 sedan and Model Y sport utility vehicle buyers if they accept delivery before February. 28. The 6,000-yuan subsidy that businesses began providing in early December is still in effect, while the 4,000-yuan rebate tied to purchasing insurance through Tesla was initially provided in November.
Meanwhile, Twitter - which Musk bought in late October for $44 billion - has been the 51-year-old billionaire's main focus. They have adopted a disruptive strategy, sacking staff only to be urged to come back, and clumsily invoking content standards to justify blocking the accounts of some well-known journalists who cover them.
No comments:
Post a Comment