JAKARTA – Elon Musk experienced a decrease in wealth of USD 31.4 billion or equivalent to Rp. 455.3 trillion (exchange rate of Rp. 14,500 per USD) in a week. This brings Elon Musk’s wealth to USD 224.5 billion or equivalent to Rp. 3,255.2 trillion.
The decline in Elon Musk’s wealth was due to a 15% fall in Tesla shares since last Friday. This makes for a bad week for Elon Musk.
Noted, Elon Musk lost a fortune of USD 15.7 billion on Wednesday local time due to the fall of Tesla shares 8%.
Tesla shares are down 15% since last Friday, making it a bad week for the world’s richest man. Meanwhile, Tesla’s market cap has fallen 15% so far this week, far more than the 6% drop for tech sector stocks on the Nasdaq index.
“The Shanghai factory problem due to China’s zero Covid-19 policy has been a big drag on Tesla’s stock,” said Wedbush analyst Dan Ives as reported by Forbes, Jakarta.
Ives added that the decline in technology stocks as a big risk with soaring inflation and rising interest rates, investors’ appetite for assets that are considered relatively speculative is diminishing.
However, Elon Musk immediately eased investors’ concerns. This was conveyed while speaking at the Future of the Car Summit Financial Times on Tuesday local time.
Read more: Wealth Lost IDR 455 Trillion in a Week, Elon Musk ‘Falls Poor’