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Musk sees net worth shrink by $12 bn amid ESG fiasco
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IANS | 20 May, 2022
Tech
billionaire Elon Musk recently saw over $12 billion wiped off his net
worth following Tesla stock's recent drop and the S&P Global
Ratings' decision to boot Tesla from its ESG index.
Musk's
decline in net worth also comes amidst his announcement that he would
no longer be voting for a candidate from the Democratic Party in the
next elections, reports Teslarati.
Despite having over $12
billion lopped off his net worth, Musk still stands as the world's
richest person with $210 billion to his name.
This still places
him far ahead of the world's second-richest person, Amazon founder Jeff
Bezos, whose current net worth is estimated to be at $131 billion, the
report said.
Tesla shares dropped 6.8 per cent on Wednesday, and
according to Wedbush analyst Dan Ives, the primary driver for this
change was the company's departure from the S&P 500 ESG Index.
"The
ESG (environmental, social, and corporate governance) issue is weighing
on the stock combined with the market doldrums," Ives noted.
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