The decline in the value of Musk’s property is due to a decline in shares of electric car maker Tesla, which form a key part of his fortune. The 51-year-old Musk, who heads Tesla, was until recently the richest person in the world, but this month he was replaced at the top of the list by French businessman Bernard Arnault. He is co-owner of the LVMH group, which is dedicated to the sale of luxury goods.
Tesla’s stock price is down about two-thirds this year. According to analysts, the main reason is that Tesla faces increasing competition and struggles with production in the United States and abroad, while his boss spends too much time on the Internet company Twitter, which he took over in the fall.
In October, Musk bought Twitter for $44 billion (about CZK one trillion). Over the course of the year, he sold a large number of Tesla shares to raise funds to finance the acquisition, Bloomberg reports.
This week, Musk told Tesla employees they shouldn’t worry about “stock market craziness.” In a letter to employees, according to Reuters, he also expressed his belief that Tesla will be the world’s most valuable company in the long run.
Tesla has only benefited from the “good guy” Musk, says the leading economist
Economic
