Elon Musk, the creator of Tesla and SpaceX, has lost a record amount of money in dollar terms in the first two months of 2022, despite unprecedented selling pressure on Tesla, the world’s most valuable automotive firm.
According to the Bloomberg Billionaires Index, Musk has lost $48.4 billion since the beginning of 2022. His fortune is currently estimated to be worth $222 billion.
The 50-year-old American millionaire can purchase 113 million ounces of gold or 2 billion barrels of crude oil with his current net worth.
Musk’s fortune peaked at $340.4 billion on Nov. 4, when Tesla shares hit a new high. The stock of the firm plunged quickly when he asked his Twitter followers whether he should sell part of his ownership, wiping him $35 billion from his wealth in one day – an absolutely unimaginable loss.
In the end, he conducted a series of stock transactions totaling more than $16 billion and handed away $5.7 billion in stock.
Despite delivering a record number of automobiles in 2021, Musk’s electric car company, Tesla, lost its prior $1 trillion market capitalization. Investors were underwhelmed by Tesla’s fourth-quarter profits and forecast.
Remember how Tesla’s spectacular climb to trillion-dollar status and inclusion in the S&P 500 in 2021 made it one of the most profitable investments in financial markets?
Using this massive value, the corporation obtained funds by selling new shares and repurchasing options. It is also possible that the corporation has cleared the way for its capital-intensive outlets in Austin and Berlin.
Tesla’s future growth, according to experts, might be predicated on its fundamentals, such as what it can do about supply chain concerns, addressing affordability challenges in the EV market, and preserving its lead as the competition heats up.
Despite the geopolitical difficulties created by the Russia-Ukraine war, some experts believe Tesla will gain from the interruptions as oil prices rise and electric vehicle (EV) manufacturers emerge as a viable alternative to conventional ICE manufacturers.
Meanwhile, Deputy Prime Minister Mykhailo Fedorov seems to have received the assurance from Elon Musk that he would deploy Starlink terminals into battle zones so Ukraine could connect to SpaceX’s satellite-based internet network.
Starlink users need terminals that are satellite dishes in order to connect with Low Earth Orbit satellites.
After sending signals into space from ground towers, bouncing them off the satellites, and then delivering them to users, a satellite dish intercepts the return signal from the satellites.