Tesla And Twitter CEO Elon Musk Loses US$200 Billion

9 months ago
Mon, 02 Jan 2023 14:11:45 GMT
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Tesla And Twitter CEO Elon Musk Loses US$200 Billion

The Tesla Inc. chief executive officer, Elon Musk, has become the only person in history to ever lose $200 billion from their net worth.

Musk’s wealth plummetted to $137 billion after Tesla shares tumbled in recent weeks, including an 11% drop on Tuesday, according to the Bloomberg Billionaires Index.

His fortune peaked at $340 billion on November 4, 2021, and he remained the world’s richest person until he was overtaken this month by Bernard Arnault, the French tycoon behind luxury-goods powerhouse LVMH.

The round-number milestone reflects just how high Musk (51) soared during the run-up in asset prices during the easy-money pandemic era.

Tesla exceeded a $1 trillion market value for the first time in October 2021, joining the likes of global technology companies Apple Inc., Microsoft Corp., Amazon.com Inc. and Google parent Alphabet Inc.

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Now Tesla’s dominance in electric cars is in jeopardy as competitors catch up. Competitors include Ford, BMW, Mercedes, Toyota, Hyundai, GM, Volkswagen, Honda, and Nissan.

Tesla shares fell 65% in 2022 and Musk sold so much in 2022 to help cover his Twitter purchase.

Musk’s stake in his closely held Space Exploration Technologies Corp. (SpaceX) is at $44.8 billion (42.2% of SpaceX), according to a recent filing.

In response to the decline of his fortune, Musk told Tesla employees that they should “not be too bothered by stock market craziness.”

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