Elon Musk’s Wealth Shrinks Below $200 Billion Amid Sexual Harassment Scandal
- The world's richest man, Elon Musk has lost about $10 billion in a single day as his net worth plummeted below $200 billion
- The Tesla CEO is currently battling sex scandal which many say may be responsible for the plunge in his personal fortunes
- The shares of his car company, Tesla fell 7 per cent as the company dropped from the on $1 trillion market cap status
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The world’s richest man, Elon Musk has seen his wealth plunge below $200 billion following $10 billion loss as selling pressure piles on Tesla stocks.
Elon Musk was worth about $193 billion after Tuesday, May 24 2022, trading, Bloomberg Billionaire’s Index says.
Declining wealth blamed on falling stock price of Tesla
A regulatory filing of April 2022, shows that Musk owns 16 per cent of Tesla. About 92.9 million Tesla common stocks are included in his net worth, Bloomberg says.
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The electric car company’s share price plunged by 7 per cent to $628, which dropped almost 49 per cent from its November 2022 highs. Tesla’s market cap has plunged from $1.2 trillion to $650 billion.
According to Nairametrics, Elon Musk was worth $212 billion on Thursday, May 19, 2022, Bloomberg’s report says.
Sex allegation seeks to dent billionaire's image
The decline in his wealth has been blamed on the ongoing sex allegation which broke the same Thursday and saw his wealth plummet to $201 billion.
Business Insider reports that SpaceX, his aerospace company, paid a flight attendant $250,000 to settle a sexual misconduct claim against the billionaire in 2018. Musk has denied the allegation.
Musk owns around 47 per cent of SpaceX. Last week, the space company was evaluated to have reached a $125 billion valuation, but it continues to be a privately held company.
Elon Musk losses $69 billion in 5 months as Twitter acquisition may hit the rocks
Legit.ng has reported that 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.
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.