Tesla shares have recently hit 11-month lows, and with it, CEO Elon Musk’s net worth has dropped below $200 billion. Musk has lost about $77.6 billion of his net worth year-to-date.
Musk’s wealth is in no small part tied to his ownership of electric vehicle maker Tesla, which he leads. Tesla stock has been under immense pressure as of late, with shares dropping about 40% since the start of the year. Musk’s net worth has taken a substantial hit as a result.
As per the Bloomberg Billionaires Index, Elon Musk’s net worth stands at $193 billion as of May 25, 2022. This means that Musk had seen $77.6 billion of his wealth sheared off since the start of the year.
Musk is still the world’s richest person by net worth, however. His closest rival, Amazon founder Jeff Bezos, is currently listed with a net worth of $128 billion. Similar to Musk, Bezos’ net worth has also taken a significant hit this year, dropping by $64.6 billion.
Musk and his fellow multibillionaires have seen their net worths shrink this year. Overall, the world’s 50 wealthiest people, which include Bill Gates and Mark Zuckerberg, have lost an aggregate of half a trillion dollars in wealth since the beginning of the year.
Sentiments from analysts regarding Tesla stock seem to be improving, at least to a point. In a recent set of posts on Twitter, for example, Wedbush analyst Dan Ives stated that he believes TSLA stock is now way oversold, and the overhang from Musk’s Twitter acquisition attempt is getting overdone.
“On Tesla my view we are getting to 2018 days and stock way oversold here. Street already baking in missing 2Q deliveries by a country mile due to zero Covid China issues. Twitter overhang getting way overdone here. Risk off market-Tesla poster child for sell-off along with Apple,” Ives wrote.
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