Elon Musk Has Just REWRITTEN History Again!
The destruction of Elon Musk’s wealth has gone down in history. According to the Bloomberg Billionaire Index, Elon Musk is the only person in history to have lost $200 billion from net worth. What specifically has triggered Musk’s wealth to drop significantly? Join me as we investigate!
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After Tesla shares dropped in recent weeks, Elon Musk’s net worth fell to $137 billion. A notable example of this is the dramatic 11% decline in Tesla stock on December 27.
Before the end of the year, Tesla is now giving its two most popular models a $7,500 discount to American customers. At its Shanghai plant, it is also said to have cut back on production.
In November 2021, Musk’s wealth surpassed $340 billion. Then, for more than a year straight, he held the title of richest man in the world. The co-founder of LVMH and French business tycoon Bernard Arnault, who is currently in first place, passed him this month.
Late in October, Musk paid $44 billion to purchase the social media site. Musk sold a sizeable portion of his share in Tesla to help pay for his purchase of Twitter, making the electric vehicle manufacturer no longer his largest holding.
Elon Musk has criticized the Federal Reserve for hiking interest rates at the quickest rate in decades on Twitter numerous times.
Musk posted on Twitter on December 16 that Tesla was performing better than ever. The underlying issue here is that we have no authority over the Federal Reserve.
Bloomberg noted a recent podcast interview by billionaire entrepreneur Elon Musk, in which he was heard cautioning listeners against the risks of borrowing money during a tumultuous market period.
In the All-In podcast, which was broadcast this month, Musk is quoted as saying, “I would really advise folks not to have margin debt in a volatile stock market and you know, from a cash sense, keep the powder dry.” In a weak market, “you can have some really drastic things happen.”
Meanwhile, following the release of Tesla’s fourth-quarter 2022 vehicle production and delivery figures, which fell short of both analysts’ projections and the company’s stated objectives, the electric vehicle manufacturer’s stock price plunged 12% on Tuesday.
The closest estimate of sales provided by Tesla is through deliveries. According to the firm, there were 1.31 million deliveries overall last year and 405,278 deliveries overall for the third quarter. Elon Musk’s manufacturer set a record with the full year figures, and deliveries increased by 40% from 2021 to 2018.
But as of December 31, 2022, Wall Street was anticipating Tesla to report about 427,000 deliveries for the year’s last three months, according to a consensus of analysts’ projections gathered by FactSet. Between 409,000 and 433,000 were the range of estimates that were updated in December and were part of the FactSet consensus.
Tesla’s stock saw a year-long decline in 2022, which prompted CEO Musk to advise staff not to be “too concerned by stock market madness” in late December.
Musk has linked some of the decline in Tesla’s stock price to rising interest rates. Yet another major offender cited by detractors is his risky $44 billion buyout of Twitter. In order to help finance the leveraged acquisition, Musk sold tens of billions of dollars’ worth of Tesla stock last year.
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