As Tesla’s stock price plunged, CEO Elon Musk’s personal wealth has evaporated more than 100 billion dollars over the past year, Bloomberg reported on the 21st (local time).
According to the Bloomberg Billionaires Index, Musk’s personal wealth as of that day was $169.8 billion, still the world’s No. 1. However, it has decreased by $105 billion over the past year. Musk’s wealth once amounted to $340 billion.
Musk has remained in first place so far, but is on the verge of being overtaken by second place. Second place is Bernard Arnault, chairman of Louis Vuitton, whose assets are $157 billion. It’s only about $10 billion apart.
This is because Tesla’s stock price has recently plunged day after day. Tesla plunged 6.84% from the previous trading day to $167.87 on the New York Stock Exchange. This is the lowest since July 2020.
Tesla’s sharp drop is attributed to the news that COVID is spreading in China. If the COVID-19 outbreak occurs in China, it could not only disrupt production but also affect car sales. The number of daily confirmed cases of COVID-19 in China reached nearly 30,000.
Tesla also recalled 321,000 vehicles in the U.S. due to a rear-light malfunction the previous day. According to a document submitted by Tesla to the National Highway Traffic Safety Administration (NHTSA), software problems caused intermittent malfunctions in the 2023 model 3 and the 2020-2023 model Y.
In addition, the constant noise since CEO Elon Musk took over Twitter is contributing to the decline in Tesla’s stock price.
As a result, Tesla’s stock price is expected to fall to $100. U.S. investment magazine Barrence predicted that Tesla’s stock price could fall to $100 on the same day.
It seems to be only a matter of time before Musk has taken out the world’s richest position as Tesla’s downward trend is likely to continue.
