Elon Musk Loses GH¢80bn in a Day after Sexual Misconduct Claims

Elon Musk Loses GH¢80bn in a Day after Sexual Misconduct Claims

  • World richest person Elon Musk was forced to shade GH¢80 billion from his wealth to settle sexual misconduct claims
  • Musk's wealth fell to around GH¢1.56 trillion on Friday, May 20 after the report of the allegations on Thursday
  • Space X paid a flight attendant GH¢1.94 million to settle the claim she made against Musk in 2018
  • The news of the allegations saw Tesla share prices fall by 6.4% negatively affecting Musk's wealth

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The world's richest person, Elon Musk has lost yet another trillion in wealth within a single day.

Elon Musk.
Elon Musk's Tesla Inc. share prices fell by 6.4% over the sexual misconduct allegations. Photo: Getty Images.
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According to Business Insider, Musk shade GH¢80 billion ($10 billion) from his wealth on Friday, May 20 after sexual misconduct allegations.

Musk's wealth

The world billionaire's wealth dropped from $212 billion (GH¢1.64 trillion), as per the Bloomberg Billionaires Index, to about $201 billion (GH¢1.56 trillion) in just one day.

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Musk's aerospace firm, SpaceX, paid a flight attendant $250,000 (GH¢1.94 million) to settle the sexual misconduct claims she made against the billionaire in 2018.

But, Musk has since denied the allegations.

The company's valuation was estimated at $125 billion (GH¢971.8 billion) in the last week's report, and according to Business Insider, this does not change from day to day since it's a private company.

Tesla shares

Musk owns 47% of SpaceX but much of his wealth is determined by Tesla Inc. and its stock performance in the market.

According to Bloomberg, Tesla shares dropped by 6.4% on Friday, after reports of Musk's sexual misconduct allegations.

Musk is estimated to be $69 billion poorer following the sexual misconduct news and related financial fallout in his wealth since the start of 2022.

Twitter takeover

Tesla stock continued to decelerate following Musk's announcement in April 2022 that he will buy Twitter for $44 billion.

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Last week, the company dropped by 14% down to $110 billion in the stock market valuation.

Elon Musk Suspends Acquisition of Twitter, as the Company Value Drops By Over $9bn in Two Weeks

Meanwhile, YEN.com.gh has already reported in a separate story that Elon Musk has postponed his Twitter transaction due to spam and bogus accounts on the microblogging site, just a month after the company's board agreed to sell it to him.

Musk took to his Twitter account to disclose that the deal would be temporarily put on hold until a probe into the percentage held by fake accounts, which the billionaire has threatened to eradicate.

Musk agreed to purchase 100% of Twitter for about $43 billion after gathering funds from banks and other investors to fund the transaction.

Source: YEN.com.gh

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George Nyavor (Head of Politics and Current Affairs Desk) George Nyavor writes for YEN.com.gh. He has been Head of the Politics and Current Affairs Desk since 2022. George has over 9 years of experience in managing media and communications (Myjoyonline and GhanaWeb). George is a member of the Catholic Association of Media Practitioners Ghana (CAMP-G). He obtained a BA in Communications Studies from the Ghana Institute of Journalism in 2010. Reach out to him via george.nyavor@yen.com.gh.