Elon Musk’s net worth shrink by $12 billion as Tesla stock tumbles

Despite having over $12 billion lopped off his net worth, Musk still stands as the world's richest person with $210 billion to his name

PGurus Newsdesk

May 20, 2022

Despite having over $12 billion lopped off his net worth, Musk still stands as the world's richest person with $210 billion to his name

Tesla shares down 28% since Musk launched bid to buy Twitter

Tech billionaire Elon Musk recently saw over $12 billion wiped off his net worth following Tesla stock’s recent drop and the S&P Global Ratings’ decision to boot Tesla from its ESG index. After Wednesday’s 6% drop, Tesla shares are now down 28% since Musk launched his bid to buy Twitter on Apr. 14.

ESG (environmental, social, and corporate governance) is an approach to evaluating the extent to which a corporation works on behalf of social goals that go beyond the role of a corporation to maximize profits on behalf of the corporation’s shareholders.

Musk’s decline in net worth also comes amidst his announcement that he would no longer be voting for a candidate from the Democratic Party in the next elections, reports Teslarati.

He tweeted, “In the past I voted Democrat, because they were (mostly) the kindness party. But they have become the party of division & hate, so I can no longer support them and will vote Republican. Now, watch their dirty tricks campaign against me unfold …”

In the past I voted Democrat, because they were (mostly) the kindness party.

But they have become the party of division & hate, so I can no longer support them and will vote Republican.

Now, watch their dirty tricks campaign against me unfold … 🍿

— Elon Musk (@elonmusk) May 18, 2022

Despite having over $12 billion lopped off his net worth, Musk still stands as the world’s richest person with $210 billion to his name. This still places him far ahead of the world’s second-richest person, Amazon founder Jeff Bezos, whose current net worth is estimated to be at $131 billion, the report said.

Tesla shares dropped 6.8 percent on Wednesday, and according to Wedbush analyst Dan Ives, the primary driver for this change was the company’s departure from the S&P 500 ESG Index.

[With Inputs from IANS]

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