Tesla Chief Elon Musk became the only person in history to lose $200 billion from their net worth, Bloomberg reported. Musk, who recently acquired the micro-blogging platform Twitter for $44 billion, was the second person to amass over 200 billion after Jeff Bezos.
Following the acquisition, Musk was mostly occupied with Twitter, which resulted in the loss of shares of Tesla. According to Bloomberg Billionaires Index, Musk’s wealth plummeted to $137 billion. Musk also sold many shares of Tesla throughout the year. According to an AP report, he sold at least USD 23 billion worth of Tesla stock since April with much of the money likely going into his acquisition of Twitter.
At present, Musk’s stake in his Space Exploration Technologies Corp, at $44.8 billion, exceeds his approximately $44 billion position in Tesla stock (he still has options worth an estimated $27.8 billion), according to Bloomberg.
Elon Musk became the world’s richest person when his wealth reached $340 billion on November 4, 2021. He lost the title early this month to French fashion and cosmetics magnate Bernard Arnault.
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Meanwhile, Musk’s Twitter takeover has not been smooth as well as many companies stopped advertising the social media platform. Musk has said that Twitter had “a massive drop in revenue” due to the advertiser losses. Last week, Musk hinted at changing ownership of Twitter, after a poll conducted by himself on the platform saw almost 58 % of voters wanting him to step down from the company.
However, Musk has dismissed concerns about Tesla and has continuously criticized the Federal Reserve for raising interest rates. “Tesla is executing better than ever! We don’t control the Federal Reserve. That is the real problem here.” He tweeted on December 16.
(With inputs from agencies)
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