Elon Musk, who is one the greatest global successes of the 21stcentury, has been no stranger to failures in 2022.
Musk, who has a net worth $169.8 million, is the richest person in the world. Bloomberg The Billionaires Index.
Musk (51) has now lost $169.8billion in the last calendar year, after taking an $8.6billion hit on Monday.
For 2022, he’s down $100.5 billion after reaching a personal-best $340 billion a little more than a year ago, Bloomberg reported.
Shares of Musk’s Tesla, which make up most of his wealth, are trading at their lowest level since November 2020, thanks to a string of challenges for the electric-car maker. Those include supply-chain problems and high material costs, COVID-related issues in China, and a taillight recall that affected more than 300,000 cars.
Tesla shares fell 57.52% over the last year. TSLA shares dropped 6.8% Monday in New York, but closed up 1.22% Tuesday at 169.91.
But Musk’s attention has, of course, been elsewhere after he bought Twitter for $44 billion in October.
And as it’s required to be, Tesla has been transparent about the situation, saying in an SEC filing that it adds risk for the company’s investors: “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.”
Twitter, meanwhile, is still struggling to generate significant revenues after many major advertisers left. Musk, who has experimented with wholesale fees and verified user fees, has lost approximately 60% of his staff since assuming the reins.
