Alex Bruno
After his fortune grew quickly from 2020 to 2022, Elon Musk lost $37.6 billion in 2022. By 2020, Musk had amassed a wealth of $24.6 billion, which had increased to $233 billion by July 2022, according to figures from Bloomberg’s Billionaires Index. Nevertheless, his fortune decreased from $270.6 billion at the beginning of 2022.
His losses were mostly the result of a drop in Tesla’s stock price since January 2022. There was $1,199.78 in Tesla stock at the beginning of the year, which has now plummeted to $797.56. Musk holds around 175 million shares of Tesla stock.
It should be recalled that Musk suffered an R197 billion loss in May when Tesla’s shares fell below the $700 mark as a result of his tweets. This man’s social media postings were filled with disparaging remarks about ESG as well as news of his impending Republican Party registration.
Because Democrats were mostly the nice party, I used to vote for them, said Musk. But I will vote Republican because they have turned into the party of hostility and division. Elon Musk’s net worth is shown in the graph below from 2013 through 2022 using information from Bloomberg’s Billionaires Index.
Musk’s contentious Twitter agreement
For $44 billion, or $54.20 per share, Musk agreed to purchase Twitter in April 2022. The wealthiest guy in the world started amassing his about 9% investment in the social media networking site in January 2022 and stepped up his criticism on the microblogging website in March.
Musk was subsequently presented with a board seat offer from Twitter, which he declined. He suggested making a purchase attempt to take the site private in April. In less than two weeks, Twitter accepted Musk’s “best and last” buyout offer of $54.20 each share.
The Tesla CEO hinted at additional adjustments he would make if he became the owner, including his promise to transform the platform into a haven for free expression. Additionally, he criticized Musk for singling out Twitter workers in his postings.
“You should not at all enable the potential firm owner to harass your staff for choices they made,” Goldman said. Vijaya Gadde, Twitter’s senior attorney, was the target of a surge of online harassment sparked by Musk’s online behavior, placing him in danger of breaking the terms of the transaction three days after agreeing to them.
When Musk threatened to cancel the transaction unless Twitter could demonstrate that fewer than 5% of accounts on the network are bots, the acquisition encountered a speed bump. Musk said that he anticipates the percentage to be closer to 20% and added that it may reach 90%.
Early in July, the Tesla CEO canceled the purchase of Twitter, which resulted in a 9 percent decline in the stock price of the microblogging firm. According to Twitter’s legal team, the dismissal was “illegal and unlawful,” and the firm launched legal action against the wealthiest man in the world for contract violation. The case is scheduled to start in October 2022.
Source: Bloomberg, Mybroadband
