Elon Musk is First Person Ever to Lose $200 Billion

Elon Musk has become the first person ever to lose $200 billion from his net worth, according to a Bloomberg report.

The CEO of Tesla, SpaceX, and Twitter is worth $137 billion, following a recent drop in Tesla shares, according to the Bloomberg Billionaires Index.

At its peak in November 2021, Musk’s net worth was $340 billion, and he held the title of the world’s richest person up until last month when he was ultimately toppled off the throne by Bernard Arnault, the CEO of French luxury giant LVMH.

In late 2021, there were reports that the 51-year-old businessman would become the world’s first trillionaire by 2024.

Elon Musk downplays drop in Tesla stock

Tesla shares have taken a hit this year, with stocks down sixty-five percent as of December 30th. Tesla also recently announced a price slash in several of its models, offering a $7,500 discount for its Model 3 and Model Y vehicles.

In a memo sent to staffers last Wednesday, the billionaire thanked workers for their “exceptional execution” throughout the year while downplaying the company’s dismal stock performance.

“Don’t be too bothered by stock market craziness,” Musk said in the memo obtained by CNBC.

“As we demonstrate continued excellent performance, the market will recognize that,” he said.

Is Elon Musk too distracted after taking over Twitter?

Many attribute Tesla’s dismal year to Musk’s overtaking of Twitter in late October, with many arguing that he has become too distracted with the social media company.

Musk has already said he will name a new CEO for the social media platform after posting a Twitter poll asking users whether he should step down as the head of the company. Musk promised to abide by the results of the poll and later wrote:

“I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers team.”

I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.

— Elon Musk (@elonmusk) December 21, 2022

 

Musk had previously admitted to having too much on his plate and hinted at finding a new Twitter CEO.

Since buying Twitter for $44 billion and taking over as CEO in late October, Musk has journeyed from one controversy to the next.

The latest controversy erupted when he suspended the accounts belonging to several prominent journalists covering the company’s owner, Elon Musk himself, a day after he vowed to sue the owner of a profile that tracks his jet.