A significant drop in Tesla’s share price over the previous year has resulted in Elon Musk, CEO of Tesla, SpaceX, and Twitter, suffering a loss of wealth equal to one hundred billion dollars.
Despite experiencing the most significant decline in wealth ever recorded on Bloomberg’s Billionaires Index, Musk still holds the title of the wealthiest person in the world. Musk derives most of his money from his ownership stake in the firms he founded.
He has a 15% interest in Tesla, which saw him lose $8.6 billion on Monday as the company’s shares fell to their lowest price in the past two years. According to The Wall Street Journal, the value of a share of Tesla has decreased by52% this year and 21% for the past month.
According to a report by Reuters, the business recalled 321,000 vehicles on Sunday due to a software bug that might cause the vehicle’s taillights to fail to activate at random intervals.
The flaw was spotted by consumers during the last month, according to a report that Tesla submitted to the National Highway Traffic Safety Administration (NHTSA). The vehicles in question constitute one percent of the total number of Tesla automobiles.
According to the business, the vehicles affected by the fault include the 2023 Model 3and the 2020-2023 Model Y. According to Yahoo Finance, another city close to Beijing has implemented lockdown procedures, another challenge for Tesla as China continues to implement unanticipated covid lockdowns.
The shutdown might put Tesla’s production and sales in jeopardy. Tesla cut its prices in China earlier in the year owing to dwindling demand, so the company decreased its prices there. According to statistics provided by CNBC, trading for Tesla shares started on Tuesday at $167.87 per share with a volume of 12,687,282 shares.
Warren Buffett’s net worth has increased by more than $1 billion in 2022, outpacing the gains of many CEOs of tech giants like Elon Musk and Jeff Bezos. With a net worth of $180 billion, Musk continues to be the wealthiest man in the world, surpassing Buffett, who is presently ranked sixth.