Elon Musk’s net worth dropped to $218 billion last Wednesday after his tweet regarding politics and slamming S&P Global ratings.
Tesla and SpaceX CEO Elon Musk lost $12.4 billion of his wealth last Wednesday after Tesla’s shares fell nearly 7%.
The cut in Musk’s wealth is credited to his recent comments about politics and his current criticism on Twitter about S&P Global Ratings, which excluded Tesla from its S&P 500 ESG Index.
Accordingly, S&P removed Tesla from its list as the automaker was ineligible for index inclusion due to its low S&P DJI ESG Score. Musk did not take this positively as he lashed out on Twitter, calling it “a scam.”
In a separate tweet, Musk expressed his comments about politics:
“In the past I voted Democrat because they were (mostly) the kindness party. But they have become the party of division & hate, so I can no longer support them and will vote Republican. Now, watch their dirty tricks campaign against me unfold ….”
Forbes, citing Wedbush analyst Dan Ives, reported that Tesla’s removal from the ESG Index is not the only reason for the EV automaker’s declining stock. It stated that:
“Investors were also spooked by a statement by Twitter’s board to the New York Times late Tuesday, indicating that it intends to “close the transaction and enforce the merger agreement,” despite Musk tweeting on Friday that his $44 billion takeovers of the social media company were on hold.
Musk has lost $49 billion since his Twitter bid last month, as some investors grew concerned about how he will fund the Twitter deal.
According to Bloomberg’s real-time data, Musk remains the world’s richest person with a total net worth of $212 billion, followed by Amazon CEO Jeff Bezos.
