Last year, Elon Musk was crowned the richest person on earth, with a net worth of $340 billion. However, the latest revelations have rocked the stock market, with Mr Musk losing a whopping $200 billion from his net worth for the first time in history.
Elon Musk falls from his position as the richest man in the world
In recent history, Mr Musk has reportedly become the first to lose $200 billion from his net worth. The Bloomberg Billionaires‘ Index updated this statistic. Elon Musk’s net worth is currently $137Bn, down significantly from $200Bn.
Ukraine’s GDP as of 2021 is $200Bn, which shows how much wealth this currently represents.
In 2021, Musk succeeded Jeff Bezos as head of Amazon. Now Bernard Arnault, the French chairman and CEO of LVMH, is at the helm as the richest man in the world.
According to the New York Post, Tesla’s stock price has fallen 65% over the past year. Separately, the recent COVID situation in China forced Tesla to halt EV production in Shanghai. The stock price fell 11% on Tuesday when the story appeared in the Wall Street Journal.
Musk sent a note thanking its employees for exceptional execution throughout 2022. He tagged the current stock performance as market madness and asked employees not to worry about it.
Musk has been triumphant on the Billionaire Index since surpassing Bezos; EV maker Tesla had a small market share, but thanks to Elon’s vision, it was valued at over $1 trillion by October 2021.
The billionaire recently took over the operations of Twitter, the $44 billion social media network, and has fired almost 75% of its employees since taking over; his moves at Twitter have received bold criticism and support from people worldwide.