Elon Musk is losing Rs 2500 crores every day this year: Here's why

Elon Musk, the world's richest person, has lost more than $100 billion in net worth this year after Tesla Inc. shares plummeted to their lowest level in two years. The billionaire's fortune has declined the most in the Bloomberg wealth index, having peaked at $340 billion a little more than a year ago.

According to the Billionaires Index, Tesla CEO Elon Musk's fortune will have dropped by more than 37%, or $101 billion, by 2022, with a daily loss of around 2,500 crores so far. As of November 22, 2022, his net worth was $170 billion. The numbers in The Billionaires Index are updated at the end of each New York trading day.

It seems Elon Musk has been facing too many challenges lately. Tesla is calling back thousands of vehicles in the United States owing to the intermittent failure of tail lights to illuminate. The news comes after the company recalled almost thirty thousand vehicles of the Model X, in the United States on Friday owing to a flaw that might cause the front passenger airbag to deploy wrongly, sending its shares down roughly 3% to a nearly two-year low. Tesla has also lost over half of its market value, wiping away all of its previous 17-month gains, and has struggled for the duration of this year, caught up in the larger risk-off market trend.

1. What is the Bloomberg Wealth Index?
   The index, which debuted in 2012, is a daily list of the world's 500 wealthiest individuals based on net worth.
2. Who came out on top in the Bloomberg Billionaires Index?
   Elon Musk came out on top as the world's richest man in 2022.