The year 2022 saw a shaky start for Tesla CEO Elon Musk as his fortune was cut his fortune by $24.5 billion, according to Forbes.
Musk's decline in wealth comes as shares of the electric car maker fell 11% on Thursday, although Tesla posted record profits on Wednesday. However, he is still the richest person in the world with $218.3 billion.
The sharp drop came after Tesla warned shareholders on its earnings call late Wednesday that supply chain issues could hamper growth this year.
As of market close Thursday, Tesla is trading at $829.10 a share, down from about $1,200 a share on Jan. 3.
“Our plants have been operating below capacity for several quarters as the supply chain becomes the main limiting factor, which is likely to continue into 2022,” the company said in the shareholder platform along with its fourth-quarter 2021 earnings announcement on Wednesday.
Elon Musk started the year on a strong note, as in early January, his fortune exceeded $304 billion after Tesla announced that it beat analysts' expectations by delivering more than 936,000 vehicles in 2021. Since then, Tesla's stock has fallen 24%, which It made him $80 billion poorer in less than a month.
It is rare for a billionaire to lose 10% of his fortune in one day and still be the richest person in the world. Musk became the first person in history to cross the $300 billion threshold in November after Tesla shares closed at a record $1,208.
Now, he's ahead of LVMH CEO Bernard Arnault ($188.6 billion) and Amazon founder Jeff Bezos ($165.5 billion). In the past year alone, Musk added $116 billion to his net worth, the largest single-year gain ever tracked by Forbes.
Follow the latest news on Google News
