Elon Musk has been in the news for a variety of reasons since acquiring Twitter. It has now been revealed that Musk lost more than $100 billion in net worth this year as Tesla shares fell to their lowest level in two years. This is due to its Twitter takeover and other factors, which we will discuss later.
Details on Due to Twitter issues, Elon musk has been losing 2500 crore everyday this year 2022
Musk’s fortune is said to have dropped the most in Bloomberg’s wealth index, which comprises the world’s wealthiest people based on net worth. The billionaire’s wealth index peaked at $340 billion a year ago.
According to the research, Elon Musk’s fortune will have dropped by $101 billion by 2022, and the world’s richest man will be losing about Rs 2,500 crore per day. According to Bloomberg’s wealth index, his net worth was $170 billion as of this month (which gets updated during every trading in New York.)
Elon Musk is facing numerous problems and losses. Elon Musk looks to be dealing with a slew of issues, making it tough for him to deal with each one as he suffers back-to-back defeats. Tesla, led by Musk, is reportedly recalling 30,000 Model X vehicles due to a defect that might cause the front passenger airbag to deploy wrongly. This resulted in a reduction in share price (Tesla). The electric vehicle manufacturer reportedly lost half of its market value, wiping away 17 months of profits.
Apart from the United States, the company has apparently faced Covid-related restrictions in China, which is one of its main markets. Aside from the recall of thousands of vehicles owing to malfunctioning tail lights, Tesla has also been plagued by supply-chain challenges and rising raw material costs.
Another factor to consider is that Elon Musk has been preoccupied with Twitter for a long time, which may prevent him from overseeing Tesla. He recently confessed that he devotes all of his time to Twitter and that after purchasing the social media firm, his “workload shot up from around 70 to 80 hours a week to perhaps 120.”
Musk is the owner of five companies, including Tesla and Twitter. At a time when Musk intends to transform the social media platform, it will be tough for him to disregard everything. He was basically caught up earlier this year as a result of the Twitter agreement. For several months, there were rumors of Musk agreeing to buy the social networking startup, then backing out due to legal complications. Musk has been working on overhauling Twitter even after owning it.
Elon Musk has fired 60-70 percent of Twitter staff so far, and over 1,200 engineers have voluntarily left the firm due to his strict work demands. He then sacked the whole board of directors in order to gain complete control of the platform. Musk paid $44 billion for Twitter and laid off hundreds of people because the social media company is not profitable and is not generating enough income. As a result, Musk has been losing money in other businesses as well.
Musk also reduced the benefits of surviving staff to save money. Furthermore, he apparently intends to charge workers for the lunch that Twitter employees used to get for free. It is unclear how Elon Musk will recoup all of his loses.