May 22, 2022
1 min read

Musk sees net worth shrink by $12 bn

Despite having over $12 billion lopped off his net worth, Musk still stands as the world’s richest person with $210 billion to his name…reports Asian Lite News

Tech billionaire Elon Musk recently saw over $12 billion wiped off his net worth following Tesla stock’s recent drop and the S&P Global Ratings’ decision to boot Tesla from its ESG index.

Musk’s decline in net worth also comes amidst his announcement that he would no longer be voting for a candidate from the Democratic Party in the next elections, reports Teslarati.

Despite having over $12 billion lopped off his net worth, Musk still stands as the world’s richest person with $210 billion to his name.

This still places him far ahead of the world’s second-richest person, Amazon founder Jeff Bezos, whose current net worth is estimated to be at $131 billion, the report said.

Tesla shares dropped 6.8 per cent on Wednesday, and according to Wedbush analyst Dan Ives, the primary driver for this change was the company’s departure from the S&P 500 ESG Index.

“The ESG (environmental, social, and corporate governance) issue is weighing on the stock combined with the market doldrums,” Ives noted.

ALSO READ-Indian regulator to grill Ola, Uber over unfair practices

Previous Story

Apple plans to launch new version of HomePod smart speaker

Next Story

Twitter gives more access to reverse chronological timeline

Latest from Tech Lite

India Embraces AI Future

Upskilling is emerging as a critical focus, with 51 per cent of leaders naming it their top priority. Around 63 per cent of managers expect AI training to become a core team

Samsung Eyes $7B U.S. Chip Push

The potential investment signals more than just a corporate expansion Samsung Electronics is reportedly preparing to invest more than $7 billion in a new advanced chip packaging facility in the United States,

India to host AI impact summit 2026

India to host 2026 AI Summit, boosting global dialogue on safe, inclusive tech, while Gujarat launches state-wide AI plan for governance, growth, and public welfare. India is set to host the AI

Apple Appoints Sabih Khan as New COO

Khan will take over from Jeff Williams, who is stepping down from the role this month and will retire later this year…reports Asian Lite News Apple has announced that Sabih Khan, an
Go toTop

Don't Miss

Sam Altman Dismisses Elon Musk’s Bid, Says OpenAI Not for Sale

The bid comes at a critical moment for OpenAI, which

‘Unfortunately No Choice’: Musk Justifies Twitter Bloodbath

Defending his decision over layoff of Twitter employees, Tesla CEO