Tesla lost nearly $670 billion in market capitalization

Tesla stock has lost a significant portion of its value, with Tesla’s market capitalization down nearly $670 billion from last November, an amount equivalent to the value of three Disneys, four Nikes or six Starbucks.

Today Tesla is valued at 530 billion dollars, far from the 1.2 trillion. where it was a year ago. Musk says he is optimistic that the stock price will recover, but in the environment of high inflation and a dire economic landscape, investor pessimism may prevail and they may continue to liquidate risky assets in their portfolio.

Given that a large percentage of the world’s richest man’s fortune is tied up in Tesla stock, it’s to be expected that the stock’s slide would drag him down as well. Musk’s fortune has shrunk by nearly $100 billion over the past year, the fastest-ever slide on the billionaires list.

In detail, from 340 billion dollars last year in November, his fortune today amounts to about 170 billion dollars. It is noted that Musk holds a share of about 15% in Tesla and the slide of the stock yesterday “deleted” about 8.6 billion dollars from his fortune in just one day.

Of course, Musk remains the richest man in the world. However, the gap with Bernard Arnault of LVMH Moet Hennessy Louis Vuitton who is next on Bloomberg’s billionaire list is narrowing and currently stands at $13 billion.

Source: Autoblog.gr by www.autoblog.gr.

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