Elon Musk becomes the first person in history to lose $200 billion

Elon Musk becomes the first person in history to lose $200 billion

Tesla, SpaceX and Twitter owner Elon Musk became the first person in human history to lose $200 billion in net worth. His wealth plummeted to $137 billion, according to Bloomberg Billionaire Index.

Musk is also the second richest person in the world as of 2022. Reportedly, Musk’s wealth was affected due to a fall in Tesla shares. On December 27, Tesla shares saw a massive 11 per cent fall.

Musk’s wealth topped $340 billion in November 2021. Between November 2021 and December 2022, Musk lost more than $200 billion. His wealth dipped after Tesla, the electric car maker, lost around 70 per cent of its value in 2022 after production delays in China. Reportedly, Tesla’s market cap was down by nearly $900 billion in 2022.

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Musk acquired Twitter for $44 billion in late October 2022. According to media reports, Musk sold the majority of his Tesla shares to buy Twitter. Now, Tesla is no longer Musk’s biggest asset. However, Tesla is still the world’s most valuable car maker company.

After buying the social media platform, Musk took various decisions to establish Twitter 2.0. He introduced a subscription for blue tick, fired many Twitter staff, blocked various Twitter accounts of celebrities and asked many workers to work from the office. 

Musk has repeatedly talked about Federal Reserve on social media for raising interest rates at the fastest pace in decades. In December 2022, Musk wrote on Twitter, “Tesla is executing better than ever! We don’t control the Federal Reserve. That is the real problem here.”

Musk was recently in the limelight for activating 100 Starlinks in the Islamic Republic of Iran. In September 2022, Musk said that SpaceX would provide its satellite internet service in Iran. In 2022, he also sent thousands of Starlink terminals to Ukraine.