World’s richest billionaire loses $69 billion within 5 months as Tesla stock tumbles

Twitter shareholders sue Elon Musk for manipulating stock price

Elon Musk’s fortune – and Tesla’s stock – plummeted on Friday, extending a negative trend and putting the billionaire’s takeover of Twitter in jeopardy.

Musk has lost $69.1 billion since the start of 2022, according to the Bloomberg Billionaires Index. His current net worth is $201 billion.

Tesla shares, which provide a significant portion of Musk’s fortune, plummeted more than 10% to $636 a share during Friday’s trading.

Elon Musk sells $6.9 billion worth of Tesla stock ahead of legal battle with Twitter

What you should know

  • Tesla shares are being affected by the same forces that are roiling global stock markets – war in Ukraine, rising interest rates, recession threats, supply chain chaos, and surging inflation.
  • Tesla shares have fallen far more than those of other Silicon Valley giants like Apple or Alphabet, the owner of Google.
  • The premise that enabled Tesla to reach its astronomical stock price and make its founder Elon Musk the richest man on earth is being re-examined by investors.
  • More than $400 billion worth of stock value has evaporated since Tesla’s shares dropped 40 percent since April 4. This reveals the risks the company is facing.
  • These include increased competition, a lack of new products, and lawsuits alleging racial discrimination.
  • China’s production problems have undermined Tesla’s claim to being the most valuable car company in the world.
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Chinese buyers are flocking to Tesla vehicles, fuelling hopes of supercharged growth in the world’s largest auto market. With a market share of 2.5 percent in the first quarter of 2022, Tesla is closing in on luxury car makers BMW, Mercedes-Benz, and Audi.

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