Home / News / World /  Elon Musk loses 2,500 crore every day this year amid Twitter troubles

World's richest Elon Musk’s losses in his net worth for this year topped $100 billion as shares of Tesla Inc dropped to the lowest level in two years. The billionaire's wealth eroded the most as compared to anyone on the Bloomberg wealth index, after peaking at $340 billion a little more than a year ago.

According to the Bloomberg Billionaires Index, Tesla's chief executive officer (CEO) Elon Musk's wealth has declined over 37% or $101 billion in value in 2022, losing about 2,500 crore a day. His total wealth stands at $170 billion as of November 22, 2022. The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The figures are updated at the close of every trading day in New York.

Tesla is recalling more than 321,000 vehicles in the United States because tail lights may intermittently fail to illuminate. The news follows the company's recall on Friday of nearly 30,000 Model X cars in the United States over an issue that may cause the front passenger air bag to deploy incorrectly, which sent its shares down almost 3% to a near two-year low.

Tesla has lost nearly half its market value with the stock erasing all of its gains from the past 17 months and has continued to struggle for the most part this year, swept up in the broader risk-off market trend.

Elon Musk is the chief executive of Tesla, which sells electric vehicles and home solar batteries. Musk's also the chief executive of SpaceX, a rocket manufacturer tapped by NASA to resupply the space station, and has a stake in social networking company Twitter.

He owns about 15% of Tesla, according to an August 2022 regulatory filing. In April 2022 Musk offered to buy Twitter Inc for $44 billion. The deal closed in October 2022. He's calculated to own about 79% of the company based on external investors disclosed in May 2022.

Since Musk took ownership of Twitter, he’s axed half of the company’s more than 7,000 employees, fired most of its executive leadership. The company has lost about 60% of its work force since Musk took over, with the latest round of layoffs coming on Sunday.

(With inputs from Bloomberg)

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