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Thursday, May 19, 2022

Musk Loses $12 Billion in a Day as He Tweets Politics, Slams ESG

Elon Musk spent Wednesday on Twitter Inc., announcing his political transition from Democrat to Republican, denounced the ESG and responded to a few users of the social media website who agreed to buy it.


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How dependent on Elon Musk’s comments is the crypto industry?

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Elon Musk is the second richest man in the world, with an estimated net worth of $ 155bn. He has founded some of the world’s most successful tech companies from PayPal to Tesla, and his voice weighs heavily on technology circles, but his influence on the crypto market is astoundi...

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Tesla Inc. on the other hand, dropped to its lowest level this year, erasing $ 12.3 billion from its wealth, while Twitter added its slide. In total, Musk has lost $ 49 billion since he submitted his Twitter account last month, in part as the broader market collapsed and as some Tesla investors became concerned about how he would fund the social media platform.

Musk, 50, is still the richest man in the world, with a net worth of $ 209.9 billion, according to Billionaires Index. He shaved $ 60.4 billion of his wealth this year, followed by Binance's Changpeng Zhao alone, who dropped by $ 81 billion, and Jeff Bezos of $ 62 billion.

Musk has grown in voice growth since launching his $ 44 billion Twitter contribution. Wednesday was like that.

He wrote on Twitter that ESG was a "scam" after Tesla lost its place in the S&P Global index tracking companies in their environmental, social and governance levels. He also predicted that "political attacks on him" would increase significantly in the coming months.

In a separate tweet, Musk said he had supported the Democrats in the past because "most (most) were a party of kindness," but now he has changed his mind.

"They have become a party to secession and hatred, so I can no longer support them and I will vote for the Republican," he said.
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