Elon Musk sees Tesla net worth shrinking by $12 billion amid ESG fiasco and GOP endorsement announcement

Elon Musk recently saw a loss of more than $12 billion of his net worth in the wake of TSLA’s recent stock drop and S&P Global Ratings’ decision to kick Tesla out of its ESG benchmark. The decline in Musk’s net worth also comes amid his announcement that he will no longer vote for a candidate from the Democratic Party in the upcoming elections.

Despite having over $12 billion in net worth, Musk still ranks as the world’s richest person with $210 billion to his name. That still puts him well ahead of the world’s second-richest person, Amazon founder Jeff Bezos, whose current net worth is estimated at $131 billion.

Musk and Bezos have seen a decline of about $60 billion in their net worth this year so far, according to Bloomberg Billionaires Index.

Tesla shares fell 6.8% on Wednesday, and according to Wedbush analyst Dan Ives, the primary driver for the change was the company’s exit from the S&P 500 ESG Index. “The issue of ESG (Environmental, Social and Corporate Governance) is weighing on stocks along with the sluggish market,” Ives noted.

Apart from this, he also told Twitter’s board of directors The New York Times It said late Tuesday that it intends to “enforce the merger agreement” with Elon Musk. This was despite Musk saying that he is suspending the Twitter acquisition until he can clarify the social media platform’s bot issues. Musk has stated that he is open to renegotiating the purchase price on Twitter.

Amid Musk’s complaints about Tesla’s launch of the S&P 500 ESG, the Tesla CEO also revealed that he will no longer support the Democratic Party. Musk admitted that he will vote for Republicans in the upcoming elections.

“In the past, I voted for the Democrats, because they (mostly) were the party of kindness. But they became the party of division and hate, so I could no longer support them and I would vote Republican. Now, watch their dirty tricks campaign unfold against me,” Musk books on Twitter.

Musk’s political tweets were highly polarizing to Tesla shareholders. With Musk publicly advocating and competing with leading Democrats online, some long-time Tesla supporters have argued that the CEO should simply focus on his companies’ missions. However, prominent members of the Republican Party welcomed Musk’s anti-democratic stance.

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Elon Musk sees Tesla net worth shrinking by $12 billion amid ESG fiasco and GOP endorsement announcement

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