Charisa Bossinakis
Elon Musk has reportedly lost USD $310.8 million (AUD $470.5m or £173.7m) from his net worth every a day this year.
The Bloomberg Billionaires Index says the Tesla CEO has lost around USD $100 billion (AUD $151.4b or £84.6b) from his net worth in 2022.
While the SpaceX founder became the first person to be worth more than USD $300 billion (AUD $451.4b or £252.3b) in October 2021, a lot has changed since then.
The South African business magnate faces problems with Tesla due to China's severe lockdown restrictions, their biggest market outside of the US, as per Sydney Morning Herald.
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Earlier this week, Musk also issued a recall for over 300,000 vehicles in the US due to a taillight problem.
It comes the same week the company also recalled 29,348 Model X vehicles for faulty airbags.
According to a recall notice, Tesla found that the airbags caused ‘unintended configuration during certain low-speed collision events.’
Along with that, Tesla’s shares continue to plummet, dropping 6.8 per cent to USD $167.87 in trading on Monday, which is the lowest since November 2020.
Additionally, the company is down 52 per cent this year alone.
In October, the 51-year-old also notoriously bought Twitter for US $$44 billion (AUD $66.2b or £33.3b).
The Wall Street Journal reported that fillings reveal that due to purchasing the social media giant, Musk took on USD $13 billion (AUD $19.5b or £10.9b) in debt.
And, because of soaring bills, Musk, along with his financial advisers, are cutting costs left, right and center.
According to The New York Times, Musk eliminated nearly half of Twitter's workforce within a week of closing that deal, which equalled around 3,700 jobs.
The layoffs struck many departments across the company, including the engineering and machine learning units, which contains staff that manage content moderation, and the sales and advertising sector.
But in the wake of the mass firings, some employees have filed a lawsuit against the company, according to Forbes.
The Worker Adjustment and Retraining Notification Act and the California WARN regulate how companies handle mass firings.
According to these agencies, companies with more than 100 employees must give their staff 60 days notice before terminating their contract.
The outlet reported that former staff are suing the social media platform for not giving them the proper notice.