The meltdown of capital markets in the US, based on rising interest rates, can also be seen by the shrinking fortunes of the country’s biggest billionaires. This is the case of Elon Musk, CEO of Teslawhich lost around US$ 100 billion in 2022, due to the decline in the electric vehicle maker’s shares.
Worsening macroeconomic conditions and increased competitiveness made the Tesla lose US$ 700 billion, which is equivalent, in market value, to three Disneys, four Nikes or six Starbucks, or even almost 500 Ois (OIBR3).
The billionaire holds almost 50% of the company’s shares, which represents a daily negative financial return of US$ 8.6 billion, considering the paper’s performance this year.
Still, the financial bloodletting of Musk’s symbolic company was not enough to remove him from the top of the Fortune 500 Billionaire list. The estimated net worth of the richest man in the world is $170 billion.
Twitter costs
Musk bought the twitter in October for an amount of US$ 44 billion dollars, but the account seems to be too expensive for the billionaire. Since taking control of the social network, the tycoon has issued a tough speech on spending control, followed by measures such as paid verification and mass layoffs.
According to the Wall Street Journal, Musk is facing a steep drop in revenue, rising debt and operating costs at Twitter. The latter results from a $13 billion shortfall acquired by Musk at the conclusion of the purchase agreement.
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Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
