Elon Musk’s losses for 2022 have officially topped US$100 billion, as Tesla shares fall to a two-year low.
Musk remains the world’s richest person, despite the A$151.9 billion fall this year, with a fortune worth A$257 billion.
His wealth dropped A$13 billion yesterday, after Tesla shares dropped 6.8 per cent on Monday morning at which point his 2022 losses dropped past US$100 billion – the largest drop of anyone in the wealth index.
Tesla shares are down 52 per cent this year – a much steeper drop than the tech-heavy Nasdaq 100, which has fallen 29 per cent in the same time period.
Musk’s recent battles with Twitter, as well as Covid-restrictions in China, and the recent recall of over 300,000 vehicles, are sure to see Tesla stocks slide further.
Musk’s split attention is beginning to take a financial toll.
Tesla’s security filings note this risk, saying “although Mr. Musk spends significant time with Tesla and is highly active in our management, he does not devote his full time and attention to Tesla.”
