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Elon Musk has suffered the 'biggest loss of wealth in modern history' this year
Featured Image Credit: AC NewsPhoto / Alamy Stock Photo. J Stromme / Alamy Stock Photo

Elon Musk has suffered the 'biggest loss of wealth in modern history' this year

The Tesla CEO’s net worth has plunged by more than USD $200 billion (£165.9b) in 2022 alone.

2022 has not been a financially great year for Elon Musk.

According to The Independent, the Tesla CEO has suffered the ‘biggest loss of wealth in modern history’ this year.

The news outlet claims Musk's net worth has plunged by more than USD $200 billion (AUD $295b or £165.9b) in 2022, making it one for the record books.

Just to put that into perspective, that’s almost the same as the GDP of Greece.

Elon Musk.
AC NewsPhoto/Alamy Stock Photo

The Bloomberg Billionaires Index also reported that the South African business magnate had lost around $310.8 million (AUD $470.5m or £173.7m) from his net worth every day this year.

Due to Tesla’s demise, Musk lost half his fortune between November 2021 and December this year.

The 51-year-old had faced problems with Tesla due to China's severe lockdown restrictions, their biggest market outside of the US, as per the Sydney Morning Herald.

Throw in a couple of recall scandals, for which the company saw over 3.76 million vehicles being affected due to technical faults and kablooey, and there goes most of X Æ A-12’s inheritance.

Business Insider reported that the company was down 62 per cent since its peak in November last year, making it the most considerable stock fall since the automotive company went public over a decade ago.

Tesla charging stations.
ZUMA Press, Inc. / Alamy Stock Photo

As a result, investors have been calling on Musk to step down as CEO, as they believe his priorities have shifted since he’s taken over Twitter.

Longtime investor, and CEO of Gerber Kawasaki Wealth Management, Ross Gerber, tweeted: “Tesla stock price now reflects the value of having no CEO. Great job tesla BOD - Time for a shake up. $tsla.”

However, Musk didn’t take too kindly to the criticism, as he clapped back with: “Please tell us your great ideas, Ross."

Gerber had also previously thrown his hat in the ring to become CEO.

Earlier this month, he tweeted: “I’ve notified tesla that I wish to run for the BOD of Tesla. I wish to be added to the proxy statement.

"It’s time tesla shareholders have a voice on the BOD as well as proper communication with the public. I’m asking for your support. Thanks! $tsla.”

But now that Musk says he will resign from the social media company following the results of a public poll, maybe there’s hope for Tesla, after all.

Let's hope 2023 brings a bit more financial prosperity for the guy.

Topics: News, Money, Technology, Elon Musk, Celebrity