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Elon Musk net price: Tesla boss sees biggest lack of wealth in modern history

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Elon Musk‘s net price has plummeted by greater than $200bn over the past 13 months, certainly one of the most important losses of wealth in recent history.

The tech tycoon lost greater than half of his fortune between November 2021 and December this 12 months, in response to the Bloomberg Billionaires Index, largely as a consequence of the collapse of Tesla stock during that point.

The $208bn wiped from Mr Musk’s net price is roughly such as the GDP of Greece. The quantity lost can also be greater than the web price of the world’s richest person, Bernard Arnault.

After topping the wealthy list for a lot of the 12 months, Mr Musk lost his place to the French business magnate earlier this month, although he stays ahead of other US tech billionaires which have dominated the list lately.

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Mr Musk’s net price peaked at $338bn in November 2021, in response to Bloomberg, coinciding with the fortunes of Tesla.

The electrical automotive maker has lost roughly 70 per cent of its value in 2022 following production delays in China, vehicle recalls, and concerns amongst investors that its CEO has been distracted by his recent role as head of Twitter.

Tesla’s market cap is down by nearly $900bn since November 2021, causing it to drop out of the highest 10 most respected corporations.

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Despite the losses, Tesla stays the world’s most respected automotive maker by a distance, with its losses over the past 12 months such as the combined market cap of all other automakers.

In a recent email to Tesla staff, Mr Musk wrote that he believed Tesla will turn into “the most respected company on Earth” within the long-term.

“Don’t be too bothered by stock market craziness,” he wrote, in response to Reuters. “As we display continued excellent performance, the market will recognise that.”

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Mr Musk rarely speaks of his wealth, though did explain his ambitions for his fortune in a Twitter thread in 2018.

“You need to ask why I’d want money,” he wrote. “About half my money is meant to assist problems on Earth and half to assist establish a self-sustaining city on Mars to make sure the continuation of life (or all species) in case Earth gets hit by a meteor just like the dinosaurs or WW3 happens and we destroy ourselves.”

Other US billionaires have seen their wealth decline significantly over the past 12 months, with the tech-heavy Nasdaq falling by around a 3rd in 2022.

Microsoft’s Bill Gates, Amazon’s Jeff Bezos, Oracle’s Larry Ellison and Google’s Larry Page have lost greater than $180bn combined since January.

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