It is a year of many ups and downs for Elon Musk. Apart from being the Tesla chief and the Twitter CEO, the man has been in the news throughout 2022. And now he's become the first person in history to lose $200 billion.
When Elon Musk entered 2022, he was the world's richest man with $340,000,000,000, and he held that title for consecutive months for over a year. But as 2022 comes to an end, tesla shares saw a sharp decline.
And this meant Musk's personal wealth plummeted to $137,000,000,000. He's been overtaken by Bernard Arnold, co founder of Louis Vuitton. In late October, when Musk decided to acquire Twitter for a whopping $44 billion, it raised many doubts because to help pay for this deal, he sold a significant stake in Tesla.
Then it was like a domino effect. Many experts at Tesla have accused Moscow of being distracted with Twitter. His tenure as a social media platform has been mocked with chaos. He's shown intentions to revamp everything from scratch.
But in that process, he's implemented and often reversed a host of new policies. Tesla's shares fell 11.4% in a day. It was the lowest in more than two years. A Reuters report soon followed, claiming that the company was planning to run on reduced production at its Shanghai plant.
Another analysis showed that prices of used Tesla cars were falling faster than those of other carmakers. But amid this rocky financial period, the chief asked employees not to worry. Elon Musk has previously blamed Federal Reserve for the fiscal struggles.
He has accused the body of raising interest rates at the fastest pace in decades. But these rates are not expected to change in the coming weeks or months. However, the pressure on Elon Musk is rising.
Experts say there is a high possibility that mosque. May be asked to step down as the CEO at Tesla. He is already facing a lawsuit over his alleged failure to focus on Tesla due to his other ventures.
