business

Why did Elon Musk lose $30 billion this week?

By TrezorMedia.com

Tesla stock dips 15%

Tesla's stock has dropped 15% since last Friday, making it a disastrous week for the world's wealthiest man.

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Electric vehicle stock declined

Elon Musk, the CEO of Tesla and SpaceX, lost $15.7 billion in value on Wednesday as his electric vehicle company's stock plunged 8%.

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Musk lost $31.4 billion

The world's wealthiest person (worth an estimated $224.5 billion) has lost $31.4 billion

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limiting new Tesla orders in the near future.

He did, however, allude to the idea of limiting new Tesla orders in the near future.

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stop taking orders

“We’re actually probably going to limit that — just stop taking orders for anything beyond a certain period of time,” Musk said.

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tesla's Market Cap drops

Tesla's market capitalization has dropped 15% this week, significantly more than the tech-heavy Nasdaq's 6% dip.

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Shanghai plant concerns 

"Shanghai plant concerns owing to China's zero Covid policy have been a huge overhang on the company," says Wedbush analyst Dan Ives.

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Musk's twitter takeover

That must have been depressing news for Tesla investors, who were already worried about Musk's $44 billion Twitter takeover.

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Musk still the richest person

For the time being, Musk is by far the richest person on the planet, with $78.3 billion more than runner-up Bernard Arnault of the French luxury conglomerate LVMH.

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