Musk still richest on planet despite losing US$130b in one year

Musk still richest on planet despite losing US$130b in one year
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KUALA LUMPUR (Nov 22): Tesla billionaire Elon Musk, the world’s richest person, has seen his wealth fall by about US$130 billion (RM594.62 billion) since November 2021, when his fortune had crossed the US$300 billion mark.

As per the Bloomberg Billionaires Index at the close of business on Monday (Nov 21), Musk was worth US$170 billion, after his wealth fell US$101 billion year-to-date.

The shrinking of his wealth over the past 12 months can primarily be attributed to his controversial US$44 billion acquisition of Twitter Inc, which turned out to be anything but smooth.

More recently, the resurgence of coronavirus breakouts in China has triggered a fear that Tesla’s Gigafactory Shanghai could face shutdowns.

Also, Tesla recently said it is recalling more than 321,000 vehicles in the US because the tail lights may intermittently fail to illuminate, which led the stock to fall 6.84% to US$167.87, a far cry from its record high of US$409.97 in November 2021.