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Falling Tesla stock wipes $100 billion off Elon Musk's fortune

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He’s still very rich, but the Bloomberg Billionaires Index reports that Elon Musk’s wealth has fallen by nearly $100 billion this year, the largest drop ever.

Nathan Steck | Getty Images Tesla shares hit a two-year low on Monday. As of Tuesday, Musk’s net worth fell to $171 billion from $340 billion in November 2021. According to Bloomberg, the tech tycoon’s fortune comes from Tesla, SpaceX and Twitter. Since the beginning of 2022, Tesla stock has fallen nearly 60%. Still, Musk remains the richest person, about $13 billion more than those who don’t. 2 Bernard Arnault, chairman of LVMH Moet Hennessy Louis Vuitton. Tesla’s stock price plunge was due to investor concerns about the electric car company’s China market, which has been severely impacted by the country’s Covid policies. Additionally, Tesla shareholders may be concerned about Musk’s ability to lead Tesla after acquiring Twitter. Coupled with concerns about the Federal Reserve’s interest rate hikes and the overall economic downturn, Tesla’s stock price is also feeling the heat. author Ed Carson provides an overview and some background info:

Tesla stock is underperforming. But it’s not alone. Aggressive stocks underperform in 2022. Tesla’s EV rivals in particular are struggling, including Nio stock, Li Auto, Rivian (RIVN) and BYD. So by this standard, TSLA stock doesn’t look particularly bad over the course of 2022. However, BYD was flat in November, while Nio and Li Auto rose for the month, while Tesla’s stock lost a quarter of its value. As of early Wednesday, neither Tesla nor Musk had commented on the news.

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