Elon Musk became the second person in history to amass a personal fortune of more than $200 billion when he reached that milestone in January 2021, months after Jeff Bezos. The CEO of Tesla Inc. just made history when he experienced the first-ever $200 billion net worth reduction.
Musk’s wealth drops to $137 billion from an all-time high of $ 340 billion; he is the only individual to have $200 billion of his net worth wiped out
According to the Bloomberg Billionaires Index, Musk, 51, has seen his net worth collapse to $137 billion as a result of the recent decline in Tesla stock, which included an 11% decline on Tuesday. His wealth peaked on November 4, 2021, at $340 billion, and he held the title of richest man in the world until Bernard Arnault, the French entrepreneur who founded LVMH, passed him this month. The achievement shows how far Musk advanced during the run-up in asset values during the easy-money epidemic era, and it is displayed in round digits. In October 2021, Tesla Inc.’s market value surpassed $1 trillion for the first time, joining the ranks of well-known tech giants Apple Inc., Google Inc., and Amazon.com Inc.
Even though its electric vehicles are simply a silver lining of the auto sector, Tesla has exceeded $1 Tn dollar capitalization in October 2021, joining the likes of Apple Inc., Microsoft Corp., Amazon.com, and Alphabet Inc
Tesla’s dominance in electric vehicles, which formed the basis of its lofty valuation, is now in jeopardy as competitors catch up. In addition to giving US buyers an unprecedented $7,500 discount to take delivery of its two highest volume models before the end of the year, it appears to be reducing output at its Shanghai plant. As criticism on Tesla mounts, Musk has been concentrating on Twitter, which he acquired for $44 billion in late October. He has adopted a “move fast and break things” policy, which includes firing people and then asking them to come back, in order to justify suspending the accounts of some well-known journalists who cover him. Additionally, he has arbitrary content limits.
Telsa share falls 65% in 2022 & Musk in share offloading frenzy to cover his Twitter acquisition
Tesla shares are no longer Musk’s largest asset, according to Bloomberg’s wealth index, as a result of the company’s dramatic decline since their 65% price drop in 2022 and the amount Musk sold this year to help pay for his purchase of Twitter. Musk’s holding in his closely held Space Exploration Technologies Corp. is worth $44.8 billion, which is more than his approximately $44 billion position in Tesla stock. This is because Musk still has options worth an estimated $27.8 billion. A new filing shows that Musk now owns 42.2% of SpaceX. On Twitter,
Musk routinely criticised the Federal Reserve for raising interest rates at the fastest rate in a generation while downplaying Tesla-related problems.
Tesla is more effective than ever before! Musk tweeted on December 16th. “The Federal Reserve is not under our authority. The actual issue at hand is that.” The businessman, who in the past has borrowed a substantial sum against his ownership position in Tesla, recently gave advice against borrowing money while the market is unstable. “I would strongly advise folks not to have margin debt in a volatile stock market and you know, from a cash sense, keep powder dry,” Musk said on the All-In podcast, which was published this month. You “can have some really dramatic things happen” in a depressed market.
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