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Elon Musk Loses $12 Billion After Announcing Political Switch

Elon Musk Loses $12 Billion After Announcing Political Switch

  • Elon Musk lost over  $12 billion on Wednesday as Tesla Inc. shares crashed by 6.8%.
  • The billionaire took to Twitter to announce a political switch from Democrat to Republican.
  • The fortune loss means that the world’s richest man’s fortune is down by $49 billion since announcing his bid for Twitter.

Tesla boss, Elon Musk saw $12.4 billion wiped from his fortune on Wednesday as the shares of the electric car company crashed by 6.8%. The fall comes after news that Tesla had been dropped from the ESG, an equity index that tracks environmental, social, and governance principles. 

Elon Musk

Following the announcement, Musk went on a rampage and labeled the ESG a scam. The billionaire’s annoyance stems from the fact that the inclusion of Tesla shares in ESG-focused mutual funds could be limited, affecting its stock price.

Tesla Inc shares sank to their lowest level this year on Wednesday. Data from Yahoo Finance shows that it currently holds a value of $709.81 per share. This has further extended the losses of the world’s richest man to $49 billion since he launched a bid for Twitter last month.

Some investors in the electric car company have raised concerns about how the billionaire will fund his offer for the social-media giant without selling Tesla shares.

Read also: 150 Netflix Workers Sacked Over Slowing Revenue

According to the Bloomberg Billionaires Index, Elon Musk,50, has a fortune of $209.9 billion. He has, however, lost $60.4 billion in wealth this year. His losses are only surpassed by that of Binance CEO, Changpeng Zhao who has lost $81 billion, and Jeff Bezos who suffered a $62 billion drop.

Meanwhile, the Space X boss has revealed that he is no longer supporting Democrats. He claimed that while he once believed that they were the “kindness party”, they have become the “party of division and hate”. He proclaimed that he will vote Republican henceforth.

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