Culture
Elon Musk: The first person in history to lose $200 billion
Musk's wealth has significantly decreased to $137 billion, after Tesla shares plummeted more than 65% in the past year
January 2, 2023 9:11am
Updated: February 19, 2023 2:03pm
The former richest man in the world, Elon Musk, has become the first person in history to lose $200 million of his net worth, according to the Bloomberg Billionaire Index.
In 2021, Musk, 51, became the second person to build a fortune larger than $200 billion, following the footsteps of Jeff Bezos, the founder of Amazon.
The Tesla CEO’s fortune peaked in November 2021, with $340 billion, making him the richest man in the world—a title that has now passed to Bernard Arnault, the Chairman and CEO of LVMH.
However, since then, his wealth has significantly decreased to $137 billion, after Tesla shares plummeted more than 65% in the past year. On Tuesday alone, the electric car company’s stock plunged by 11% after Tesla’s operations in Shanghai temporarily halted production due to a rise in COVID-19 cases.
“Don’t be too bothered by stock market craziness,” Musk said in a memo sent to staffers on Wednesday, obtained by CNBC. “As we demonstrate continued excellent performance, the market will recognize that.”
In October 2021, Tesla exceeded a $1 trillion market capitalization, joining other tech firms such as Apple Inc, Amazon.com Inc, and Alphabet Inc. However, Tesla’s domination of the electric car market has been declining as other competitors launch their versions of electric vehicles.
Additionally, Musk has been forced to sell significant portions of his Tesla stock in order to help fund his purchase of Twitter for $44 billion, according to Bloomberg's wealth index.
