Elon Musk Becomes First Person in History to Lose $200 Billion
AP Photo/Susan Walsh
Elon Musk has become the first person in history to lose $200 billion.
Bloomberg reports:
Elon Musk was the second person ever to amass a personal fortune of more than $200 billion, breaching that threshold in January 2021, months after Jeff Bezos.
The Tesla Inc. chief executive officer has now achieved a first of his own: becoming the only person in history to erase $200 billion from their net worth.
Telsa saw its stock plummet 65% in 2022, the biggest ever decline for the world’s largest electric car manufacturer. The plunge came, according to the Wall Street Journal, in conjunction with “investor concerns about production disruptions, demand worries” and Musk’s tumultuous reign as CEO of Twitter, which he bought earlier this year for $44 billion.
Musk’s wealth dropped from $340 billion down to $137 billion amid the tumble in Tesla shares, which continue to decline. Earlier this month, LVMH CEO Bernard Arnault overtook Musk as the world’s richest man.
Musk has dismissed that the drop in Tesla stock is related to his stewardship of Twitter, blaming the decline instead on Federal Reserve interest-rate hikes.
“Tesla is executing better than ever!” Musk tweeted earlier this month. “We don’t control the Federal Reserve. That is the real problem here.”
Read the Bloomberg report here.
