$ 200 Billions Sinks!!!
3-01-2022
Some times established things turned in destruction on those points where no one expects. Powerful dictators loose the premiership like fossils and top positions went to Ashs in no time .
Elon Musk , The owner & chief executive of Tesla, spaceX and twitter was on top of list in billionaires of the world with $ 338 billions of wealth in last quarter of 2021 and financial hawks were predicting that Elon Musk will cross Bernard arnault of GMC by middle of the 2022.
The current report of Bloomberg shows that still Elon musk is on number two in most riches person. But the expectations didn't meet to be number one in list .
Causes.
We know that Elon Musk has four pillars under its empire Tesla, Twitter , Crypto and spaceX. Tesla has biggest share in his wealth. In the Bigging of the year 2022 the till April Tesla was flying in air and it's share price was at $361 in March 2022 but a massive energy crises force buyers to look for alternatives and EVs gets booster.
EVs ( Electric vehicles) made good presence in market in next three months and the sales of Tesla dropped around 60% which drive the dream as well. EVs becomes biggest threat to Tesla as it could not get its sales targets even couldn't achieve the last year sales numbers. This situation force Tesla to slow down its production especially in China.
Last quarter was more worst when Crypto market touched to bottom, energy crises went more higher , Ukrainian war looping up. Tesla gives good promotion, price reduction, rebates untill 7500 dollars on some brands but unfortunately it didn't worked.
Although Tesla yielded the sales of $380 billions in 2022 which is still much higher then it's compititors but far away from the expectations of 2021.
Tesla share price dropped more then 59% in last 9 months. Finance.yahoo giving clear figures about it that how it went down as sinking water.
From $338 billions in December 2021 and $137 billions in December 2022 making $200 billions sinks in a year which is biggest drop in any man's wealth within a year. In recent history we can't get any examples like this.
Freezing economy of the countries and international crises along with natural disasters can made 2023 more tough as the buying power decreasing gradually. We can expect some more worst figures in next couple of months.
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Lead image: pixabay (modified)
