Elon Musk Losses $69 Billion in 5 Months as Twitter Acquisition May Hit The Rocks

Elon Musk Losses $69 Billion in 5 Months as Twitter Acquisition May Hit The Rocks

  • The world's richest man, Elon Musk has lost over $69 billion in 5 months, plunging his vast wealth to $201 billion
  • The shares of his car company, Tesla has take a major hit in recent times, losing about 10 per cent of its value
  • The company was booted out of S&P on Thursday, May 19, 2022, which infuriated its CEO, Elon Musk who called the platform a scam

The title of the world’s richest man in the world may slip through Elon Musk’s fingers as his wealth has now plunged to $201 billion, almost at par with Amazon founder, Jeff Bezos.

The billionaire lost $69.1 billion following a tumble in Tesla stock, thereby jeopardising his quest to acquire the social media network, Twitter, according to Bloomberg Billionaire Index.

Read also

Luna crash: Binance founder, Changpeng Zhao, says he is now Poor after losing $1.6bn

Elon Musk, Tesla
Elon Musk loses $69 billion in 5 months
Source: UGC

During trading on Friday, May 20, 2022, the shares of his car company, Tesla from where the majority of his wealth comes, fell more than 10 per cent to trade at $636 per share at some point.

PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!

Tesla yanked off S&P

On Thursday, May 19, 2022, Tesla was kicked out S&P 500 which infuriated Musk, calling it a scam.

Bloomberg states that a benchmark ESG stock index has removed Tesla Inc., sparking a debate about which companies do — and don’t — pass muster with socially aware investors.

The company has grown into a $735 billion company following its breakthrough in electric-vehicle engineering.

Affected by war in Ukraine, inflation and global market shocks

Analysts say the company’s shares are being affected by the war in Ukraine, the same forces affecting the global stock market. The company is also buffeted by rising interest rates, recession threats, supply chain problems and rising inflation.

Read also

Meet Do Kwon, the ‘crazy’ man who founded the Luna, the Terra crypto that Collapsed in days

Its shares have plunged more than that of Apple and Google. This allowed Tesla to get its astronomical stock price and make Elon Musk the wealthiest man in the world.

Nairametrics reports that over $400 billion worth of stock value disappeared since the company dropped 40 per cent on April 4, 2022.

Former SpaceX employee got N103m to keep quiet after Elon Musk “exposed” himself & offered to buy her a horse

Legit.ng has reported that it appears SpaceX's CEO has found himself in a public sexual misconduct incident after a former employee of the aerospace firm came out in the open about how he exposed himself to her back in 2016.

The unnamed flight attendant for SpaceX disclosed that Musk had requested her to "do more" during a massage and was paid $250,000 ( N103 million) to keep mum about the incident.

According to a report by Business Insider, the attendant worked as a member of the cabin crew on a contract basis for SpaceX's corporate jet fleet. She accused Musk of exposing his erect penis to her, rubbing her leg without consent, and offering to buy her a horse in exchange for a massage, according to interviews and documents obtained by the publication.

Source: Legit.ng

Online view pixel