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The shares of Elon Musk’s EV manufacturer business Tesla have dropped to their lowest level in two years while he is still very busy redesigning Twitter. Elon Musk’s net worth has decreased significantly as a result, going above $100 billion this year.
Elon Musk’s net worth is at $170 billion, according to the Bloomberg Billionaires Index, and has decreased by $101 billion thus far this year. With a net worth of $157 billion, Bernard Arnault, CEO of Louis Vuitton, ranks second on the list, ahead of Gautam Adani ($130 billion), Jeff Bezos ($116 billion), and Bill Gates ($113 billion).
Worrisome days for Tesla
On Monday, Tesla stock fell 6.8% to $167.87 in New York trade, its lowest level since November 2020. Additionally, the shares are down 58% so far this year and 20% over the previous month. The nearly 30% loss in the tech-heavy Nasdaq 100 Index this year pales in comparison to this.
The majority of Musk’s wealth is made up by Tesla, which is having trouble competing in China, its biggest market outside of the US, because of growing COVID-related regulations. According to a Bloomberg article, Tesla recently even announced the recall of more than 300,000 vehicles owing to defective tail lights. The company is also apparently grappling with supply-chain bottlenecks and rising raw material costs.
Musk’s wealth decreased by around $8.6 billion yesterday, or on Monday. A little more than a year prior, it reached its peak of $340 billion. Earlier this month, Musk’s net worth slipped below $200 billion for the first time in this year after he sold $3.95 billion in Tesla stock after paying $44 billion for Twitter.
Tesla also reported $3.3 billion in profit and $21.45 billion in revenue last month, falling short of its forecasted quarterly revenue.
Will Elon Musk resign as CEO of Tesla?
Musk has declared that he does not want to run any businesses and that he is looking to spend less time on Twitter and find someone else to take over the social media platform. James Murdoch, a former member of the Tesla board, also claims that Elon Musk is considering leaving his position as the company’s CEO.
The Twitter Chaos
Elon Musk has been hard at work modernizing Twitter ever since he gained control of the social media giant in late October. The layoff story has been the highlight of the remodeling.
Musk immediately fired Twitter’s former CEO Parag Agrawal and a few other top executives the moment he took control, and he later let go of 50% of the company’s workforce or over 3,700 workers. That’s not all, either. Along with firing a few more of the remaining workers, Musk also let go of 4,400 contract workers.
No More Layoffs?
Elon Musk recently informed employees in an all-hands meeting that there are no plans for more layoffs and that the business is actively hiring for positions in engineering and ad sales. Employee referrals are also encouraged, according to the American technology news website The Verge.
