Elon Musk's losses top $100bn this year

Tesla stocks drop as low as $166.66 per share on Tuesday after dipping 6.8 per cent on Monday

Tesla founder Elon Musk's fortune has dropped by more than $100 billion in 2022. AP
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Tesla founder Elon Musk's losses topped $100 billion in 2022, as shares of his electric vehicle company dropped to their lowest level in two years.

The Bloomberg Billionaire Index still lists the Twitter chief as the world's richest person at $170 billion, even though he lost $8.59 billion of his wealth on Monday. His total losses for the year as of Tuesday were $101 billion, the index shows.

Tesla stocks dropped as low as $166.66 per share on Tuesday morning after dipping 6.8 per cent on Monday.

Most of Mr Musk's personal fortune is tied up in the electric vehicle company, which has struggled to navigate Covid-19 restrictions in China while also being hit by supply-chain snags and recalls in the US.

The company only recently announced a recall of more than 300,000 vehicles because of faulty taillights.

Mr Musk has also recently been tied up following his $44 billion purchase of Twitter, which has lost about 60 per cent of its workforce since the billionaire acquired it.

Advertisers have also expressed wariness over content moderation on the social media platform under Mr Musk and said that the significant cuts in the company's workforce could be a security concern.

The world's richest man, who also runs SpaceX, recently told world leaders during the Group of 20 summit that he is working from morning to night as he juggles overseeing his companies.

Mr Musk's wealth peaked at a little more than $340 billion last year.

Bloomberg contributed to this report

Updated: November 23, 2022, 2:10 AM
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