Elon Musk has been a wise man from the beginning, and he thinks more than others, and he did not stop taking risks, due to which in 2022 Elon Musk lost more money than the combined wealth of both Bill Gates and Jeff Bezos .
Shares of Tesla, the electric car company where he serves as CEO, also declined, with Musk plunging $103 billion in the year to December 12, according to Bloomberg.
Former Microsoft CEO Bill Gates lost $23.5 billion of his net worth, while Amazon AMZN founder Jeff Bezos saw his fortune drop by $78.6 billion. The two tech tycoons have lost a combined $102.1 billion.
Elon Musk’s net worth is now $168 billion while Gates is worth $115 billion and Bezos is worth $114 billion. GET THE FREE REPORT The CEO of Warren Buffett’s conglomerate Berkshire Hathaway (BRK.A) just lost $690 million and is worth $108 billion.
Tesla shares are down 17.6% over the past month and 51.16% over the past year and were trading at $161 at the last check on December 13 as Musk turned his attention to Twitter, the social media network he co-founded.
Musk’s focus has shifted away from Tesla since the private acquisition of Twitter. Their competitors, such as China’s BYD, are gaining ground and increasing their market share. Investors are becoming weary and want to see some action to turn the stock’s performance around.
The EV company’s market cap declined from nearly $1 trillion on January 26 to just $482.89 billion as of December 13. Elon Musk was forced to sell Tesla shares and use a margin loan to buy Twitter.
It appears that Tesla’s CEO has currently abandoned the company and is focused on publicly engaging in attacks on Twitter, along with advertisers, which account for over 90% of its revenue, its users, employees and more.
His latest attack against Joel Roth. Dr. Anthony Fauci, Twitter’s former head of trust and safety, can only block advertisers from returning to the website. The company relaunched its Twitter Blue subscription service on December 12 in an effort to increase revenue.
The service allows anyone paying a monthly fee to get the infamous blue checkmark, edit their tweets, and upload high-quality videos. Elon Musk’s advisors are reportedly pushing to use Tesla shares as collateral for new loans to replace Twitter’s debt. The company currently pays 11.75%.
According to Bloomberg News, bankers are reportedly evaluating whether to replace some of the high-interest debt burdened by Twitter with a new set of margin loans backed by Tesla stock, which it will pay for personally.