Elon Musk’s Wealth Tanks By Over $100 Billion For The First Time

Straight to the pits! Elon Musk’s wealth plunged by over $100 billion for the primary time. In INR, the Twitter and Tesla boss has been bleeding over Rs 2,500 crore each day this 12 months! After peaking at $340 billion last 12 months, Musk’s net value has dipped probably the most amongst all billionaires. Currently at $170 billion in net worths, his fortunes dropped 37%. This is available in the wake of all of the Twitter mayhem and the recall of three,21,000 Tesla vehicles on account of faulty design. Tesla shares are plummeting as investors lose faith in Musk’s tomfoolery on Twitter. This 12 months alone, Tesla shares have dipped 58.03%. With a 15% stake in the corporate, any decline within the share value will adversely affect Mr. Musk. All eyes are on Tesla’s performance now. Despite the plunge in net value, Musk still reigns at the highest of the richest billionaires club.

Meanwhile, on account of growing COVID cases, China is forcing lockdowns in lots of regions. The country’s COVIDZERO policy has an antagonistic impact on global corporations with massive production units there. Tesla and Apple being probably the most affected giants. Meanwhile, Musk’s shenanigans are costing Twitter immense loss in revenue. With mass layoffs and advertisers exiting the platform, Musk pegged all hopes on the Blue Tick subs. Nevertheless, it failed abysmally. Although he continues to tweet that Twitter has an all time high engagement and latest users joining the platform, that might amount to nada if he cannot capitalize on the services of the bird app. Worst case scenario, it’ll be throughout for Twitter and the market will lose confidence over Musk’s capabilities of running an organization. Best case scenario. It’ll be either okay-okay or boom for the app in the following couple of years, making investors flock to capitalize on his other ventures as well.

See Also: ‘Bhaisab, Ye Kis Line Mein Aa Gaye?’ Desi Twitter Is Having A Field Day As Elon Musk Tweets ‘Namaste’

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