Elon Musk Becomes First Ever to Lose $200 Billion

Based on the Bloomberg Billionaire Index, Tesla and Twitter owner Elon Musk is now the first person to lose $200 billion. Musk’s personal wealth surpassed $200 billion on January 20, 2021, after he surpassed Amazon CEO, Jeff Bezos. In the following year, his net worth surpassed $300 billion.

Elon Musk’s net worth declined to $137 billion

Musk’s net worth has dropped to $137 billion, following the recent drop of Tesla shares. Tesla shares fell by 11% on December 27. Tesla offers US customers a discount of $7,500 until the closing of the year for the two most well-known models. The production at its Shanghai plant has decreased, which is believed to be harming them.

In November 2021 Musk’s net worth reached its highest point which was $340 billion. Since then, Elon Musk was the richest person on earth for over an entire year. But, in the month of November French business magnate along with LVMH CEO Bernard Arnault overtook Elon Musk to become the world’s richest person.

In October 2021 the second-richest man in the world Elon Musk purchased Twitter in a deal worth $44 billion. Musk then traded shares in the electronic automobile company Tesla to cover the costs. Since then, Tesla hasn’t been his biggest asset and is consistently losing its share price.

Musk has been selling Tesla shares over the past few days. In December 2022, Musk vented around 22 million shares of Tesla within just three days, approximately worth $3.6 billion. Tesla shares have plummeted over 65% this year. They were trading at $400 at the start of the year, and are close to $125 on the last day of the year.

However, After selling the shares, Elon Musk remains the company’s biggest shareholder. Musk holds the largest 13.4% shares in Tesla. In the year prior, the firm’s value on the market of $1 trillion, which has now decreased to $495 billion.