60.79%. That’s the percentage by which Tesla’s stock value has slumped since the start of 2022.
According to our estimates, Musk’s net worth stands at $174 billion, which has nose-dived from a peak of $320 billion in November 2021, largely due to the poor performance of Tesla’s stock. Earlier this week, Musk ceded the title of the world's richest man to Bernard Arnault, CEO of LVMH.
The continued decline in Tesla’s stock comes at a time when Musk's attention has increasingly been diverted toward his latest acquisition, Twitter. Last month, Wedbush analyst Dan Ives who closely tracks Tesla warned that Musk’s controversial antics with Twitter are tarnishing the Tesla brand. The sentiment was also echoed earlier this week by Loup Capital's Gene Munster who told CNBC “what Elon is doing on Twitter is damaging the [Tesla] brand.” The billionaire has courted multiple controversies in recent days as he has targeted people who he labels as “woke” and “leftists.” According to a Morning Consult poll from last month, Tesla’s favorability among Democrats dropped to 10.4% from 24.8% in October while it rose from 20% to 26.5% among Republicans.