American billionaire Elon Musk is in the headlines every day. Sometimes he comes in the news for his statement and sometimes through his social media posts. tesla CEO Musk is the richest person in the world. However, this year his wealth is seeing a decline. According to reports, this year Musk's wealth has declined by about $ 80 billion. Currently his wealth is $ 352 billion.
Why did Musk's wealth decrease?
The biggest reason for the decline in Musk's wealth is the weakening of Tesla's shares. Actually, Musk has a 13 percent stake in tesla and the fluctuations in the company's shares have a direct impact on his wealth. This year Tesla's financial results were not as expected. After separating from the trump administration, it was believed that Musk would now focus his entire attention on his other businesses including tesla, but even after this, he could not save his electric vehicle manufacturing company from the crisis in the second quarter of this year.
Tesla is facing these difficulties
Tesla's revenue has seen a double-digit decline in the second quarter of this year. This has affected the share prices. Tesla's shares have fallen by 20 percent since the beginning of this year. However, despite these financial challenges, investors' confidence in Musk remains intact. Recently, investors have given Musk a compensation package of $ 29 billion to retain him as Tesla's CEO. Let us tell you that under Musk's leadership, tesla performed brilliantly in 2024. Last year, the company's shares doubled in price and the company's market capital crossed $ 1.4 trillion. This could not happen this year, due to which Musk's wealth is declining.
Tesla's revenue has seen a double-digit decline in the second quarter of this year. This has affected the share prices. Tesla's shares have fallen by 20 percent since the beginning of this year. However, despite these financial challenges, investors' confidence in Musk remains intact. Recently, investors have given Musk a compensation package of $ 29 billion to retain him as Tesla's CEO. Let us tell you that under Musk's leadership, tesla performed brilliantly in 2024. Last year, the company's shares doubled in price and the company's market capital crossed $ 1.4 trillion. This could not happen this year, due to which Musk's wealth is declining.
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