Elon Musk Wealth Continues Decreasing, Know Why: Musk can hardly stay out of the media; there was no way he could keep himself away from this topic. The conflict between Russia and Ukraine has been a trending topic worldwide. The conflict has affected the European stock market, and the stocks and values of companies have slumped.
Musk’s wealth has dropped below 200 billion dollars due to the Ukraine crisis. In today’s article, we’ll tell you about Elon Musk declaring war on Russia. Of course, Musk is only one man, but his wealth is at stake due to Russia’s invasion of Ukraine. Stay and read till the end to find out how one man plans to wage war against a country ranked as one of the world’s superpowers.
In case you didn’t know, Musk is the only billionaire with a net worth of over 200 billion dollars. But the business magnate and tech aficionado saw his wealth plummet by a whopping 13.3 billion dollars as Russia began its invasion of Ukraine.
According to the Bloomberg billionaire index, Elon Musk’s net worth is approximately 199 billion dollars. Musk is one of just two people in recorded history to break the 200 billion dollars milestone. The other individual is his rival Jeff Bezos, the owner of the private space exploration company Blue Origin.
Bezos clocked 200 billion dollars last April before his net worth dipped back to 176 billion dollars in December. As the large-scale invasion of Eastern Europe began, the stock market crashed, and Tesla’s stock dropped for five days straight to about 700 dollars, its lowest level since August last year.
The stocks dropped amid a global market sell-off fuelled by concern about the Russian occupation. Tesla’s stock has recovered, and as of the time of making this article, one stock was valued at $838.
Elon Musk owns 172.6 million shares in Tesla, which had a trillion-dollar market value up until December when it fell below the mark after its CEO made a poll on social media about whether he should sell his stake, which will make him the company’s largest individual shareholder.
Musk’s wealth is inexplicably linked to Tesla’s current value. Tesla’s value has been estimated to be around 789.64 billion dollars. It dropped by roughly 30 percent from a high of 1.1 trillion dollars as of November last year.
As the market continues to languish over the increasing tensions between Ukraine and Russia, Musk, who still remains the world’s richest man, has seen 72 billion dollars of his fortune disappear into thin air this year.
This amount is greater than the combined loss of the three next richest men, Jeff Bezos, Louis Vuitton’s boss, Bernard Arnault, and Bill Gates. Musk’s wealth peaked at 340.4 billion dollars in November last year, when Tesla shares reached a high of $1,222 a share.
According to Bloomberg, Bezos and Arnault have lost almost 22 billion dollars of their net worth this year. Bringing their net worth to 169 billion dollars and 155 billion dollars, respectively.
Later in the same months that Musk’s wealth reached its highest peak, Musk, who is notorious for his antics on social media, asked his millions of followers if he should sell a portion of his shares in the firm.
That poll caused a rapid drop in the value of Tesla’s shares, and the business magnate lost 35 billion dollars in a single day. In the months that followed, the price of Tesla’s stock has risen temporarily, approaching the $1200 mark towards the end of last year before diving down to $846 at the end of January and lingering in the $700 range in February.
Musk sold 16 billion dollars in shares and donated 5.7 billion dollars during the steep decline, clearly anticipating the impact of the increasing conflict between Russia and Ukraine on his firm and his riches.
As Russia launched its military into Ukraine’s Eastern borders, stocks on Wall Street began to dive for the deep. This attack came after months of instability and uncertainty coming from a potential conflict between the two countries.
The invasion further heightened tensions as it seemed the two countries were already in a full-blown war. Russian troops launched a night raid on numerous cities in Ukraine, including the capital of Kyiv.
This action sent European and US Stocks down, with the S and P 500 also falling following an early morning trading session. This wouldn’t be the first time Elon Musk will be linked with the Russian Federation.
In the early 2000s, SpaceX tried to buy rockets from Russia and failed. The company’s rocket, the Falcon Heavy, will be sent into orbit anytime this year. The 230-foot tall rocket will have the capacity to transport 37,000 pines of cargo to Mars.
If the test is successful, it will become the most powerful rocket. Musk had the ambition to travel to Mars since 2001, but he had no rockets. As a result, he traveled to Russia to buy three intercontinental ballistic missiles, also known as ICBMs.
He expected the Russians to be friendly about the whole encounter, but he was mistaken. Musk wanted to send anything to Mars, maybe a mouse, so the public’s interest could be peaked, and the goal will seem achievable after the sale of PayPal.
The company was called Life to Mars by Musk and his partners, and they weren’t planning on going into producing rockets. But, Musk’s aspiration to start creating his own rockets was spurred by Russia’s betrayal.
The following year, he founded SpaceX. Musk and his partners, Adio Rossi and Jim Cantrell, had no rockets, and they went rocket shopping in Paris hoping to get rockets from Arion Space, a European space corporation. But the rockets were costly. But during the meeting, Musk and his partners were notified that the Russians wanted to let go of several modified ICBMs, and they went East.
Later in 2012, Russi spoke about the encounter. Musk and his buying team had to do a lot of Vodka after paying off some crooked officers on their way to the meeting. Rossi said they started having meetings with the Russian space program, which is basically fueled by Vodka.
He said they’d go into a little room where everyone had a bottle of vodka in front of them. They would toast every two minutes, which meant 20 to 30 toasts in an hour. They would say, to space, to America in space. When Rossi looked over at Musk and Jim, they passed out at the table, then he passed out.
The Russians asked Musk to come up with five thousand dollars. It wasn’t easy to come up with 5000 dollars on a Saturday, but Musk and Rossi borrowed it from the lavish Mondrian Hotel in West Hollywood.
The final meeting took place in Russia, where Musk and Cantrell traveled with hopes of buying three ICBMs for a sum of 21 million dollars. But to Musk’s dismay, the Russians changed the price to 21 million dollars for each missile. This ridiculed the SpaceX founder.
Cantrell told Esquire about the incident. The Russians blatantly said Musk was a little boy that had no money. This encounter inspired Musk to start SpaceX, a company that has successfully launched nine of its rockets into orbit as of 2017.
Musk told Cantrell that he thinks they could build a rocket themselves on the way back. After the Ukrainian prime minister begged Musk to equip the country with Starlink, the Founder of SpaceX tweeted that the Starlink service was operational in Ukraine.
The Ukrainian vice president tweeted that while Musk’s rockets successfully land from orbit, Russian rockets continue to strike Ukrainian civilians. He compared Musk’s space goals to the Russian invasion of Ukraine before requesting that Starlink’s stations should address the sane Russians to stand.
Russia’s invasion has had a huge impact on Ukraine’s internet connectivity, especially in fiercely battled areas like the country’s southern and eastern areas. According to NetBlocks, an internet monitoring company, Ukraine’s internet provider access plummeted 20 percent below the normal levels.
Nationwide connectivity was determined to be at 87 percent on normal levels reflecting service outages, population flight, and the closure of homes and businesses. The effectiveness of Starlink’s internet connectivity is unknown because the network needs a near-perfect line of sight to reach the satellites located in low earth orbit.
The Verge notes that trees, buildings, and poles can easily hinder Starlink’s internet service connectivity. The internet has been a necessary means for Ukrainians to communicate with individuals and bodies outside its geographical boundaries.
Citizens have been using social media platforms to report on incidents in the country, and the government has released speeches that have gone viral.
The continued conflict threatens the internet connectivity of Ukraine. If Starlink fails to work effectively, the world might lose track of what’s happening in Eastern Europe.
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Information Source: Elon Musk Live