 "Tesla CEO Elon Musk sees net worth shrink by $12 bn amid ESG index fiasco")
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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app