Elon Musk’s $200 billion loss: Twitter or Tesla, which company caused the fall?

Image: Forbes

At the close of 2022, Twitter CEO Elon Musk was all over the news for reaching a new low point. Different media outfits reported that Mr Musk is the first person to have suffered the greatest loss of wealth in modern history. The Tesla boss’ net worth dropped by more than $200 billion in the last 13 months.

Bloomberg’s index of billionaires reports that Musk’s wealth has been reduced by 208 billion dollars, equivalent to Greece’s annual GDP. That sum is also greater than the total net worth of LVMH CEO Bernard Arnault, the world’s richest person.

The now-owner of Twitter, among other companies, was first in the Bloomberg Billionaires Index with a net worth of 338 billion, which has since dropped to 132 billion.

Twitter or Tesla, Which Company is to blame?

Ordinarily, many would have blamed the Twitter purchase and its controversies as a factor behind Musk’s fortune downturn. Surprisingly, Twitter is not to blame instead, Tesla is. Tesla’s stock over the past year has been declining.

“Don’t worry too much about the craziness in the stock market,” Musk recently told Tesla staff. “As we demonstrate continued excellent performance, the market will recognize that.”

A few days ago, Musk announced that he will step down as CEO of Twitter as soon as he finds someone suitable for the position, this after a poll on that social media site asking whether he should step down as its head.

With the results of Tesla’s collapse and the controversy that has accompanied him on Twitter for months, Musk is urged to find someone to take over the social network so he can concentrate on his other businesses and try to recover some of what he has lost.

Source: withinnigeria.com

#Elon Musk

#Twitter

#Tesla