Sales have declined, global layoffs have occurred, and stock prices have continued to decline... Tesla's recent days have been tough. On April 19th, Beijing time, the US stock market opened high and closed low overnight. Tesla has fallen for the fifth consecutive trading day, with a cumulative decline of 15%. Its market value has evaporated by $78.6 billion (approximately RMB 568.96 billion).
However, by comparison, Tesla's CEO Musk is even more "tragic": in the past two and a half years, his wealth has evaporated by 1.19 trillion yuan.
Tesla's Chain Thunder: Declining Performance, Global Layoffs, Market Value Evaporation
On the early morning of April 19th Beijing time, as of the close of the US stock market, Tesla fell 3.55% to $149.93, setting a new low for its stock price in 15 months.
It is worth noting that Tesla's stock price has fallen for five consecutive trading days, with a cumulative decline of 15%, and its market value has evaporated by a total of 78.6 billion US dollars (approximately 568.96 billion yuan).
On the news, Barclays has lowered Tesla's target stock price by 20% to $185; The investment bank stated that Tesla's upcoming earnings conference call may have a negative impact on the stock. Tesla is not expected to make any comments to ease investor sentiment as fundamentals remain weak in the near future.
Previously, according to CCTV's financial aid to Reuters, on the 15th local time, Tesla CEO Elon Musk stated in a letter to employees that he would lay off 10% globally, which could affect approximately 15000 employees.
According to the Global Times, Tesla's layoff action will affect China, including sales, technology, and engineering departments. Two sources said that some employees of Tesla's China sales team have received notification.
According to Global Times, foreign media pointed out that the reason for this layoff plan may be related to Tesla's recent performance. Although Tesla still holds a leading position in the global electric vehicle market, its recent sales have declined. According to Tesla's production and sales data for the first quarter of 2024 released in early April this year, its delivery volume plummeted by 8.5% year-on-year and 20.1% month on month, which was lower than market expectations. This performance may force Tesla to take tightening measures to reduce costs and optimize operational efficiency.
Musk's Wealth: World's richest, most profitable man, evaporated
Compared to Tesla's current predicament, as Tesla's leader, Musk's situation may be even more "tragic". Since November 2021, Musk's wealth has evaporated by 1.19 trillion yuan.
According to the Yangcheng Evening News, the Bloomberg Billionaires Index shows that in November 2021, Musk was the world's richest person with a net worth of $340 billion, more than three times that of the stock god Warren Buffett.
In 2022, affected by the COVID-19, the assets of Musk will shrink significantly.
However, in 2023, Musk's wealth grew rapidly again. According to Caixin News Agency on December 23, 2023, Forbes recently released the top 10 billionaires with the highest wealth growth in 2023. Among them, Musk increased by $108.4 billion in 2023, ranking first and becoming the most profitable man in the world. At that time, Musk's wealth was $254.9 billion.
In 2024, Musk's wealth began to shrink again. According to the Yangcheng Evening News, as of the close of Tuesday Eastern Time, Musk's net worth was only $178 billion.
At the close of Wednesday Eastern Time (April 19, Beijing time), Tesla fell by another 3.55%, with a market value of approximately $18.6 billion evaporated on that day. Musk holds 13% of Tesla's shares, and roughly calculated, Musk's Tesla stock market value evaporated by approximately $2.42 billion.
According to this calculation, as of the time of the reporter's press release, Musk's current net assets are $175.58 billion. Based on the exchange rate on that day, Musk's wealth has evaporated by 1.19 trillion yuan in the past two and a half years.
Musk's salary: In the past two years, he has not received a penny from Tesla
The shareholder meeting notice submitted by Tesla to the SEC shows that Musk did not receive any income from Tesla from 2021 to 2023.
Starting from May 2019, Musk no longer receives any form of cash salary and his income comes entirely from stock options. In 2018, Tesla's board of directors signed a 10-year "betting agreement" with Musk, which includes 12 sets of market value and business objectives. For each set achieved, Musk will receive 1% of the options.
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