June 30, 2022

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Elon Musk lost $17 billion in one day

2 min read

Tesla shares fell 9.2% amid rumors that Elon Musk plans to lay off 10% of employees.

The billionaire reportedly sent an email to his company’s employees saying it was time to lay off hiring and cut workforce because Musk was “feeling very bad about the global economy.”

That is, in just one day, Musk lost $ 17 billion. But at the same time, the entrepreneur still remains the richest person in the world, and his wealth is estimated at $ 216.8 billion.

Amazon CEO Jeff Bezos is second with $171 billion.
“Tesla shares are down 33% in one year. The main thing investors are probably thinking is they want Musk to shut down.

It was strangely quiet last week, and stocks are finally doing well,” Miller Tabak market strategist Matt Malee told Forbes.

Recall that Tesla is an electric car company. It was founded by Martin Eberhard and Mark Tarpening in 2003 and named after the famous physicist Nikola Tesla.

In 2004, the founders raised an investment of $7.5 million, and Elon Musk contributed $6.5 million. Musk then became chairman of the board of directors and appointed Eberhard as CEO.

According to preliminary data, Elon Musk’s wealth has decreased by about 17 billion since the release of this information.

Shares of the electric carmaker fell 9.2 percent on June 3, while Elon Musk’s net worth fell to $16.9 billion amid speculation of imminent cuts.

The merchant’s fortune is estimated at 21,216.8 billion. At $54.20 per share, the purchase price would be $44 billion, up 38% from the share price at the end of April.

Interestingly, Elon Musk recently talked about creating a new social network and at the same time criticized Twitter for its lack of freedom of expression.

Musk was quoted in the media as saying that Tesla had ordered a reduction of “about 10% of employees” and the suspension of jobs, amid concerns about the US economy.

According to a business publication, Musk, the world’s richest man, is now worth ₹21,216.8 billion.

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