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MUSK BECOMES FIRST PERSON EVER TO LOSE USD$200 BILLION
Elon Musk, whose net worth peaked in November 2021 at USD$340 billion, has seen his wealth sink to USD$137 billion, as Tesla shares have fallen 65% in the past year.
Billionaire Musk, formerly the richest man in the world, has set a new record for losers.
The Tesla founder and Twitter owner has become the first person in history to lose USD$200 billion from his net worth.
The multi-billion dollar disaster comes just after Musk, in 2021, became only the second person ever to amass a fortune of more than USD$200 billion. Amazon founder Jeff Bezos was the first “$200 billion-aire,” but he too has fallen under that level to just USD $148 billion now, having lost USD $44 billion during 2022.
This past year has been Musk’s and Tesla’s worst year to date.
The large stock price decline includes a recent 11% drop, because of an increase in COVID cases in Shanghai that has forced Tesla to halt production temporarily.
In a memo sent to staff, Musk thanked workers for their exceptional performance throughout the year while downplaying the company’s dismal stock collapse.
“Don’t be too bothered by stock market craziness,” Musk said. “As we demonstrate continued excellent performance, the market will recognize it.”
Musk lost his title as “The World’s Richest Man” earlier this month — with that honor now going to Bernard Arnault, the French chairman and CEO of LVMH, makers of Louis Vuitton products and Moët wines.
Despite owning just a piece of the electric vehicle market, Tesla was valued at over USD$1 trillion by Oct. 2021 — joining other tech giants like Apple, Amazon, and Alphabet.
But while competitors have been quickly catching up and challenging Tesla’s dominance in the electric vehicle market, Musk’s attention has been focused on his newest business, social media platform Twitter.
Musk was forced to sell quite a lot of his Tesla stock this year, as a result of his USD $44 billion purchase of Twitter.
Since his Twitter takeover, Musk has taken major steps to cut costs at the social media company.
He has fired about 75% of the previous 7,500 employees and is closing the company’s Seattle offices, after refusing to pay rent.
But, don’t feel too bad for Mr. Musk.
He currently owns a USD$44.8 billion stake in the very successful Space Exploration Technologies Corporation (SpaceX) — about 42.2% of the company, and he is still the third-richest person on the planet.
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