Plummeting Tesla shares make Elon Musk lose $100 billion in 2022

Tesla, SpaceX and Twitter CEO Elon Musk has seen his wealth plunge almost $100 billion this year, the steepest drop ever reported on Bloomberg Billionaires Index.

His net worth – which was some $340 billion in November last year – took a dip to its lowest of around $170 billion on Tuesday (22 November).

This happened after Tesla shares hit a two-year low on Monday, reports Bloomberg.

The 51-year-old holds around 15% stake in Tesla. A decline in the company's share prices on Monday made Elon lose some $8.6 billion in just one day.

The tech Mughal draws most of his wealth from the stocks and ownership of Tesla, SpaceX, and most recently Twitter.

To put things into perspective, Tesla shares have plummeted around 58.03% year to date.

As per the Bloomberg Billionaires Index, despite all the momentous losses, Elon still holds the position of the world's richest person.

Stock prices of Tesla have been under pressure amid a broad selloff in the tech markets due to concerns of an economic downturn and on the back of the Federal Reserve's aggressive interest rate hikes, reports Business Insider.

Investors are also worried about Tesla's business in China, amid the country's strict Covid-zero stance and whether Musk is able to focus on his role as Tesla CEO after acquiring Twitter for $44 billion, it added.