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Musk sees net worth shrink by $12 bn amid ESG fiasco

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San Francisco, May 20 (IANS) 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.

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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.

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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.

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–IANS

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