In 2022, Elon Musk experienced financial challenges.
The media reported that in 2022, Elon Musk, the CEO of Tesla, experienced the largest loss of wealth in modern history.
According to a news outlet, in 2022, Elon Musk's net worth dropped by over $200 billion, which set a record. This is equivalent to AUD $295 billion or £165.9 billion.
To provide context, the magnitude of this loss is similar to the GDP of Greece.
According to the Bloomberg Billionaires Index, in 2022, Elon Musk lost approximately $310.8 million per day from his net worth. This is equivalent to AUD $470.5 million or £173.7 million.
Musk lost half of his fortune between November 2021 and December 2022 due to the decline of Tesla.
According to the Sydney Morning Herald, in 2022, the 51-year-old CEO faced difficulties with Tesla due to severe lockdown restrictions in China, which is the company's largest market outside of the US.
In addition to the impact of the lockdown restrictions in China, Tesla also experienced several recall scandals in 2022 that affected over 3.76 million vehicles due to technical faults. These events contributed to the significant loss of inheritance for Elon Musk's child, X Æ A-12.
According to Business Insider, in 2022, Tesla's stock fell by 62% from its peak in November of the previous year, which was the largest drop since the company went public more than a decade earlier.
Due to the significant drop in Tesla's stock, investors have called for Elon Musk to step down as CEO, as they believe his attention has been diverted by his use of Twitter.
Ross Gerber, the CEO of Gerber Kawasaki Wealth Management and a long-time investor, 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."
Ross Gerber had previously expressed interest in becoming the CEO of the company.
Earlier in the month, Ross Gerber 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."
However, now that Musk has announced that he will resign from social media following the results of a public poll, there may be hope for the future of Tesla.
We hope that 2023 brings greater financial success for Elon Musk.
