Elon Musk’s Net Worth Shrink by $12 Billion As Tesla Stock Tumbles
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.
San Francisco, May 20: 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.
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. SpaceX Sex Scandal: Elon Musk Refutes Claims of Paying Female Worker To Hush Up Sexual Misconduct Charge; Says ‘Story Meant To Interfere With Twitter Acquisition’
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 per cent 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.
"The ESG (environmental, social, and corporate governance) issue is weighing on the stock combined with the market doldrums," Ives noted.
(The above story first appeared on LatestLY on May 20, 2022 03:55 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).