Tesla's stock fell to its lowest level this year, losing $12.3 billion and CEO Elon Musk losing a quarter of his fortune in one session.

According to Arabiya Net, Musk spent Wednesday on Twitter, where he announced his political transition from Democrat to Republican, and criticized standards of sustainability and governance.

Musk is still the world's richest person, with a fortune of $209.9 billion, according to the Bloomberg Billionaires Index, even though his fortune has fallen by more than $60 billion this year. Roughly, trailing only Binance founder Changpeng Zhao, who lost $81 billion, and Amazon founder Jeff Bezos, who lost $62 billion equivalent to a third of his fortune this year.

After Tesla lost its spot on the S&P Global Index that tracks companies by their ESG criteria, Musk tweeted: ESG was a scam, and he predicted that political attacks It will escalate significantly in the coming months.

In a separate tweet, Musk said he backed the Democrats in the past because they were a kinder party, but has now changed his mind.

He said, "They have become the party of division and hate, so I can no longer support them and I will vote Republican."