Elon Musk's net worth shrinks by $12B amid ESG fiasco, GOP support
After Tesla's stock dropped recently and S&P Global Ratings removed the company from its ESG index
Elon Musk's net worth was wiped out by over $12 billion.
Additionally, Musk announced that he would no longer vote for a Democratic Party candidate in the upcoming elections
which coincides with his decline in net worth.
In spite of having lost over $12 billion in net worth, Musk still has $210 billion to his name
Although Jeff Bezos is estimated to have a net worth of $131 billion, he is still far ahead of him.
According to Bloomberg Billionaires Index, Musk and Bezos' net worth has decreased by $60 billion this year.
Wedbush analyst Dan Ives said Tesla's departure from the S&P 500 ESG Index drove the 6.8% drop.
In addition to the market doldrums, the ESG issue (environment, social, and corporate governance) weighs on the stock.
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