Elon Musk’s wealth took a big hit recently, dropping by $29 billion in just one day due to a steep decline in Tesla’s stock price. By the end of Monday, Tesla’s shares had fallen 15%, marking the largest drop since September 2020. This decline affected Musk’s net worth, bringing it down to $301 billion from $330 billion, a decrease of about 6.7%.
Over the past year, Tesla’s stock has plummeted by 55% from its December highs. As a result, Musk’s net worth has decreased by a staggering $132 billion, which amounts to more than 30% of his total wealth according to Bloomberg.
Concerns among Tesla investors have risen, with many believing that Musk is spending too much time in Washington, D.C. overseeing government efficiency efforts, which may be distracting him from his role at Tesla. Musk has been involved in initiatives that aim to cut waste and reduce spending within the federal government. Although he has been working closely with officials in the Biden administration, there has been some confusion about his exact role, as other officials have been named as leaders of these initiatives.
In a recent interview, Musk discussed the challenges of balancing his commitments between running Tesla and SpaceX while also focusing on these government projects. He openly admitted that it has not been easy, saying, “With great difficulty,” when asked how he manages both responsibilities.
Adding to the pressure, Tesla facilities have faced some troubling incidents, including vandalism, which some believe are linked to Musk’s political involvement. During the interview, he expressed that he believes he is doing the right thing by addressing waste in government spending.
As Musk navigates these challenges, the impact on Tesla’s performance and his personal wealth remains a topic of great interest in financial and technological circles.
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