2022 was not that great a year for Musk.
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,. Luckily, Musk had amassed enough in 2021 to remain the world's second-richest person when 2023 dawned.
Musk's personal fortune is largely tied to his holdings in different companies that he owns and founded over the years. In 2021, the stock of Tesla soared alongside technology stocks whose business remained unaffected by the pandemic. Musk became the first person to amass over $300 billion of personal worth as Tesla stock prices soared to their lifetime highs.However, the dawn of 2022 brought the revival of other businesses, and Tesla's valuation began to dip.
In October 2021, Tesla's market valuation exceeded a trillion dollars, putting the electric-vehicle maker in the august company with Apple, Microsoft, and Amazon. However, with the U.S. facing record inflation, the U.S. Federal Bank stepped in and began hiking interest rates to temper the demand and rein in rising prices.
Musk's fortunes, heavily dependent on Tesla stock price, also dipped during the year and exceeded $200 billion as 2022 came to a close.That Tesla is in trouble also became evident when the company began offering its customers in the U.S. a rare $7,500 discount before the year wound up. Musk, who had been lamenting about the impact of lockdowns on production capacities in the past two years, has now ordered a reduction in production at his Shanghai plant.
His recently acquired asset, Twitter, is valued at $20 billion, less than half what Musk paid just a couple of months ago. Musk needs to unlock the potential of the social media site quickly if he does not want to slip down further on the world's richest list.
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