If it felt like Elon Musk spent the final 12 months lighting his fortune on hearth, nicely, Bloomberg agrees, reporting that Tesla’s plummeting inventory worth has value Musk a lot cash that he’s not the world’s richest man.
At his less-controversial apex, Musk, 51, was price about $340 billion, however in 2022 he’s misplaced greater than $100 billion in Tesla inventory alone, and that’s earlier than you depend his large overpay for Twitter. Now, he’s right down to (solely!) $168.5 billion, which remains to be ok for second on the world wealth rankings. Strive to not cry for him too laborious.
Taking on No. 1 with a fortune of $172.9 billion is Bernard Arnault. The 73-year-old owes his wealth to a 48% stake within the luxurious model LVMH, which is often spelled out within the reverse order of its initials as Moët Hennessy Louis Vitton, for causes which are too cool for us poors to know.
Musk was named the richest individual on this planet in January 2021, buoyed by a 743% enhance in Tesla inventory over the prior 12 months. Just like the automobiles it makes, Tesla’s valuation has since crashed and burned, shedding greater than 50% of its price since 2022 started.
One downside has been a string of recollects associated to Tesla issues of safety, and the declining value of gasoline hasn’t helped. However the greatest purpose could also be that Tesla’s inventory has been overpriced for a very long time, pushed by a cult of character that, in latest months, has been missing in likability and heavy on scandals, together with however not restricted to: sexual misconduct payoffs, indifference in direction of his personal transgender daughter, insane right-wing conspiracy theories, and federal investigations into animal cruelty.
On December eleventh, Musk joined Dave Chappelle on stage and acquired roundly booed — even individuals who paid cash to see an anti-trans, Kanye-sympathetic comic don’t like him. And there’s no monetary gentle on the finish of the tunnel. Based on Bloomberg, Twitter owes extra in yearly curiosity funds than it made in all of 2021.