Jakarta, CNBC Indonesia – Billionaire Elon Musk received a hard blow at the end of 2023. The billionaire had to be willing to reduce his wealth drastically by US$ 41 billion (Rp. 652 billion) to US$ 193 billion (Rp. 3,070 trillion).
Even though he still occupies the first position as the richest person, this is the first time that Elon Musk’s assets have fallen below US$ 200 billion since June 2023.
This was triggered by the poor performance of one of its companies, Tesla, in Q3 2023. Tesla reported revenue of US$ 19.6 billion in Q3 2023, a sharp decline from US$ 21.3 billion in the previous quarter.
Tesla’s share price fell 10% following the Q3 2023 performance report and continues to decline to this day. Tesla shares closed down 4.8% at US$ 197.36 in trading Monday (30/10). In total, Tesla shares have fallen 21% this month.
Musk said global macroeconomic conditions were very difficult. Musk’s pessimism and the expression of frustration he showed in front of investors added to negative sentiment towards his leadership.
Bodong Investment Twitter
It doesn’t stop there, this week it was revealed to the public that the value of Twitter (now X) now remains at US$ 19 billion (Rp. 301 trillion). That figure fell 55% from the initial price when Musk bought it last year for US$ 44 billion (Rp. 698 trillion).
You could say, Twitter is a fraudulent investment taken by Musk.
Earlier this week, the remaining employees at
The document explains that the company’s value per share is determined by the board of directors based on several factors.
After Musk annexed X, he said he wanted to overhaul the company’s compensation model similar to SpaceX, his company which operates in the rocket and satellite sector.
The mechanism is that shares are held privately, but employees can cash out to outside investors. This type of stock given to employees is called ‘restricted stock units’ or RSUs.
These RSUs accrue over a period of four years from the date they are granted and require a ‘liquidity event’, such as an IPO or sale of the company, to be taxed as income, internal documents state.
Since Musk bought it until recently, employees didn’t know about the company’s value. However, stock awards provide answers to their questions over the past year.
The future of Twitter can be said to be bleak. One comes from pressure from the European Union to require the service to eradicate disinformation on its platform or face a fine of 6% of total revenue in Europe.
According to oral reports, Musk plans to revoke X’s access from Europe because he is unable to comply with these regulations. The reason is, most of the teams tasked with moderating content have been cut.
In the future, Musk also plans to make X a comprehensive financial platform. Presumably, Musk is starting to give up operating social media. However, the plan to change gears to become a financial platform could also be called ‘gambling’. Let’s just wait for the continuation of this plan.
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