Elon Musk is now the first person to ever lose their $200 billion fortune, about two years after becoming the second person in history to make $200 billion.
In 2022, Mr. Musk was named the world’s richest person for the first time, surpassing Jeff Bezos, the former CEO and president of Amazon, who had held the title for the previous four years. Months after Jeff Bezos did the same, Mr. Musk became the second person in history to increase their net worth to more than $200 billion a year early. In November 2021, his wealth reached a peak of $340 billion. The CEO of Tesla and Twitter was estimated to be worth $273.6 billion in April. On the Forbes list two years prior, he was ranked number 31 in the world, and the price of his company’s stock shares at the time was $72.24.
The CEO of Tesla and Twitter has now lost billions of dollars, bringing his net worth to $137 billion. The value of his shares in the supplier of electric vehicles has decreased, which is mostly to blame for this loss. In 2022, that value decreased by 65%, according to Bloomberg. His estimated net worth was $2 billion in 2012, the year he first appeared on the Forbes list. Mr. Musk was the richest man in the world until December when European fashion mogul Bernard Arnault passed him. According to Bloomberg, Mr. Musk’s largest asset is no longer Tesla due to the sharp decline in the value of the company’s shares and the amount he sold to cover his extravagant $44 billion purchase of Twitter.
According to the source, his $44.8 billion position in Space Exploration Technologies Corp., also known as SpaceX, exceeds his nearly $44 billion holdings in Tesla stock. He has been concerned with his recently purchased, highly powerful social media platform, where he has courted far-right reactionaries under the pretense of “free speech” absolutism, alarming both Tesla investors and detractors as well as advertisers, regulators, and civil rights organizations. The management style of Mr. Musk at Twitter has drawn criticism from all over the world. He has fired hundreds of employees there, suspended journalists who write about his companies, stopped policing the spread of Covid-19 misinformation and allowed accounts that had been previously banned to reappear.
Additionally, he recently let go of the cleaning crew at Twitter’s San Francisco headquarters, apparently causing some employees to bring their toilet paper to work. Meanwhile, Tesla has reportedly reduced production at its Shanghai site and has offered American customers a $7,500 discount on several of its models.
Ahead of Twitter Lawsuit, Musk Sells $6.9 Billion in Tesla Stock
He has mostly played down worries about the collapse of his enterprises and criticized the Federal Reserve for hiking interest rates instead. He declared on Twitter last month that Tesla was operating more effectively than ever. The Federal Reserve is not under our authority. The main issue here is that.
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