Elon Musk Has Lost More Money Than Anyone in History

The destruction of Elon Musk’s fortune has become history.

The CEO of Tesla (TSLA), SpaceX and Twitter is worth $137 billion, according to the Bloomberg Billionaires Index, good for second place in the world’s richest list behind LVMH (LVMHF) CEO Bernard Arnault. But at its peak in November 2021, Musk’s net worth reached $340 billion.

That makes Musk the first person to lose a $200 billion fortune, Bloomberg reported last week. Much of Musk’s wealth is tied to Tesla (TSLA), whose stock is down 65% in 2022. Demand for Tesla (TSLA) has slowed as competition from electric cars from established automakers has weakened over the years. past. The company missed its target and cut production in China. Fourth-quarter sales, announced Monday, missed Wall Street estimates.

Evidence of car buyers’ waning interest in Teslas became apparent last month as the company announced a rare sale in an effort to clear inventory. Tesla has offered two rebates for customers who take delivery of the car before the end of the year, first offering a rebate of $3,750 and then increasing the rebate to $7,500 in the two weeks remaining in 2022. Investors were shocked by the discount, sending the stock down 37% in December.

Read: Elon Musk’s Launches New Perfume Business to Buy Twitter

Critics have long wondered whether Tesla is worth its billion-dollar valuation by early 2022. On top of its numbers, Tesla is worth more than the 12 largest car manufacturers on the planet combined, despite their small number of sales. Tesla closed the year with a valuation of $386 billion – still bigger than the automakers but smaller than the tech titans – Apple (AAPL), Microsoft, (MSFT) Google (GOOGL) and Amazon (AMZN) – which he is in. compared to a year ago. Musk’s $44 billion purchase of Twitter didn’t help Tesla’s stock or Musk’s fortune.

Musk, a Tesla shareholder, has sold $23 billion in Tesla stock since his Twitter handle became public in April. His continued tweets and erratic behavior, especially after he took over as CEO of Twitter, angered Tesla investors who wanted Musk to focus more on his larger and more profitable company. value. . Musk has defended himself against criticism, saying he hasn’t left Tesla’s big meeting since he took over Twitter. Tesla’s stock may rebound and Musk may become the world’s richest man again. But Musk’s reputation as a genius took a big hit in 2022 — almost as much damage as his wealth.

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Musk Argues for His $56 Billion Salary at Tesla

Musk testified in court that, in 2017, when his compensation package was decided, he was “totally focused” on turning around a faltering Tesla.

Elon Musk told a court that he was completely focused on Tesla in 2017 when the electric car maker was in ‘trouble’ as it tried to deny allegations that its $56 billion pay package was based on simple performance targets and approved by the Board of Directors. directors.

Tesla shareholder Richard Tornetta sued Musk and the board in 2018 and hoped to prove that Musk used his authority on the Tesla board to dictate the terms of the package, which did not bind him. Musk, the world’s richest man, appeared in court in Delaware in the United States on Wednesday and explained how the automaker is trying to survive in 2017 when a debt package was created.

Asked by Tornetta’s attorney Greg Varallo, Musk dismissed allegations that his compensation goals were too easy to achieve. “A lot of pain, no words can explain,” Musk said recently, describing the efforts he made to bring the company from the end of the fall in 2017 to the explosion. “It’s a pain I wouldn’t wish on anyone.”

Varallo has repeatedly tried to show Tesla as a company under the influence of Musk and tried to show that Musk has passed the leadership of Tesla on several occasions. For example, Musk said that he made a call without a group to stop Tesla’s approval of the Bitcoin cryptocurrency and admitted that the building was not explained before he told analysts in October that the company was considering buying up to $ 10 billion in stock.

But the testimony doesn’t clearly show who made up Musk’s 2018 pay package or whether it was a product of his wishes rather than discussions with the board. In his testimony, Musk said he would not accept a compensation plan that required him to clock in or put in certain hours at Tesla.

“I work almost all the time,” he said. “I don’t know what a punching clock will accomplish.”

Combative Testimony

The five-day trial before Chancellor Kathaleen McCormick comes as Musk struggles to manage the chaos of Twitter, the social media network he was forced to buy for $44 billion in October after a series of legal battles. one judge after trying to pull. of this agreement.

Musk, who arrived in a black Tesla and was driven to court through separate doors for security reasons, finished his testimony in less than three hours. He was followed by Antonio Gracias, co-CEO of Tesla from 2007 to 2021. 온라인카지노

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The billionaire testified that he is focusing his attention where it matters most, namely Tesla in 2017. “So in times of crisis, allocations shift to where the crisis is,” Musk said.

Musk has a history of combative testimony that often appears to fire prosecutors who ask investigative questions. In previous cases, he called the opposing lawyers “disgraceful”, questioning their happiness and accusing them of “robbing people”.

Musk was more restrained in Wednesday’s proceedings, though he was increasingly frustrated with the probe’s questions. At one point, Musk told the plaintiff’s attorney, “Your question is a very complex question that is often used to mislead people.”

Musk acknowledged that he’s not a lawyer, but added, “when you judge the whole thing, you pick up some things.”

Twitter Distracted Him

Musk tweeted this week that he was staying at Twitter’s San Francisco headquarters 24 hours a day until he could fix the company’s problems and said on Wednesday that he had been on a night flight since the news agency taking care of people. In his testimony, Musk also said he hoped to reduce his time at Twitter and eventually find a new CEO to lead the social media company, adding that he hoped to complete the organizational structure. this week.

Tesla investors are increasingly concerned about how much time Musk is spending on Twitter. Tesla shares fell 3% mid-afternoon.

Continue ReadingMusk Argues for His $56 Billion Salary at Tesla

Elon Musk’s Launches New Perfume Business to Buy Twitter

The new business for entrepreneur Elon Musk, a perfume called “Burnt Hair” and which he described as “the best perfume in the world” which costs $100 a bottle and will begin shipping early next year.

He sells it through The Boring Company, his equipment company, and shares the story and launches himself so his followers can buy it. He says 10,000 units have already been sold. He pleaded with people in a tweet, “Please buy my product, so that I can buy Twitter.”

What is the Story Behind the Perfume?

In the movie Monsters SA, where the actors use ‘scent’ to smell a dog, or a garbage bag, they say that this perfume does not smell like a Bulgarian rose . “The essence of disgusting desire,” read the description of the website used to introduce the new fragrance. As he says on Twitter, 10,000 units have already been sold, which means that when added, he would have already received more than one million euros in just three days since the launch of the perfume was announced 카지노사이트. The billionaire changed his life on Twitter, describing himself as “a perfumer”. Also, through the social network, he also thinks…

“With a name like mine, getting into the perfume business is inevitable – why did I fight it for so long!?”

The perfume is a complete joke that accidentally came true. At the end of September, Musk mentioned the upcoming product, tweeting “Hair – a fragrance for men by Singed” “a link to the company’s previous terrible Boring product, the best seller in 2018.

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The Influencer’s Book

This fragrance continues the billionaire’s efforts as an actor, which means investing in his stardom.

Musk has nearly 109 million Twitter followers, making him the fourth most followed personality behind President Barack Obama and pop stars Justin Bieber and Katy Perry. Musk doesn’t spend a penny on advertising his products and services. He knows that his tweets are enough to get people talking about him and his company. He also uses that feeling.

Billionaire has started putting ideas for perfume last month. It came off as some kind of inside joke.

“Hair on fire – a fragrance for men by singing,” said the billionaire on September 1. 27. “Coming fast from the @BoringCompany, the same guys who sold you firecrackers.”

He added, “Stand out of the crowd! Know you’re going to the airport!”

Perfume packaging

The fragrance is presented in a red wine bottle, it is not known if it is in the diffuser or opened directly, and according to the entrepreneur, it is “an omnigender product”

The cent, which will arrive in the first quarter of 2023, can be purchased with Doge, a Bitcoin-based cryptocurrency that uses dogs as pets, in support of the entrepreneur.

The company’s website assures that wearing its fragrance is “like leaning on a candle on the table, but without the hard work.”

The global fragrance market is expected to grow by 41% to $43.2 billion in 2028 from $30.6 billion in 2021, according to research from Fortune Business Insights.

“Perfumes are often a mixture of aromatic and aromatic oils,” says the study. “The rising demand for beauty products worldwide is driving the beauty industry. This, in turn, is expected to drive the growth of the market body.”

Continue ReadingElon Musk’s Launches New Perfume Business to Buy Twitter