Tesla stock closed the week in the red, which has seen Elon Musk posting record daily losses of $11.3 billion, raising questions on whether owning the stock is worth it.
Elon Musk, the richest person in the world, has a net worth of $198 billion.
The 51-year-old billionaire, who was born in South Africa, has seen his fortune this year alone decline by around $72.5 billion nearly twice the market value of BMW ($47 billion).
With $198 billion in net wealth, he could purchase 2.16 billion barrels of crude oil or 120 million troy ounces of gold. According to a regulatory filing from August 2022, Musk owns around 15% of Tesla.
Elon Musk Lost Nearly Twice Total Value Of BMW So Far In 2022
In what turned out to be a generally bad trading session for the stock market, shares of Tesla fell significantly on Friday to close at $204.99 under intense selling pressure.
The decline in the stock ended a two-day gaining streak. Tesla Inc. is currently trading below its November 4th 52-week high ($414.50).
When compared to some of its competitors, the stock underperformed. General Motors Co. GM, +0.40% increased to $32.89 on Friday, while Toyota Motor Corp. ADR TM, -1.66%, Honda Motor Co. Ltd. ADR HMC, -1.26%, and General Motors Co.
The large stock market gain on Thursday caught investors off guard, but Friday brought more disappointment and realism.
Source: Nairametrics