This can’t be a good feeling. Elon Musk, known for his enormous wealth and ego, has somehow managed to lose $200 billion. He’s the first person in history to lose that much money.
There’s a First for Everything… Including $200 Billion
Bloomberg first reported the news last week while Tesla stock was plummeting. The publication noted that Musk had become the second person in history to amass a personal fortune of $200 billion, following Jeff Bezos. Musk reached the $200 billion mark in January of 2021.
By November 2021, Musk was worth a whopping $341 billion. But his acquisition of Twitter — which many have called his “obsession” — and the subsequent Tesla tragedy have led to most of that money disappearing.
Tesla stocks reached fell to $108.72 just before the end of the year. They were $402.67 last March. According to the NASDAQ, Tesla shares have continued to tumble, reaching $105.11 on Tuesday, January 3.
The tumble was largely attributed to Musk’s poor handling of Twitter, with news of him cutting corners and firing employees such as janitors, in order to save $500 million. The mass firings and filthy San Francisco headquarters certainly don’t seem like hallmarks of a professional businessman.
The Tesla Tumble Continues to Head Towards $1 Trillion Loss
Tesla investors saw Musk’s antics as a red flag and many jumped ship as the company raced towards a $1 trillion loss. Musk himself also sold off billions in Tesla shares to pay for his Twitter acquisition, giving the Tesla downturn a tragic head start.
But experts have also pointed to the Tesla stock tumble and claimed that Twitter isn’t the only issue. A downtrodden global economy and a lack of global demand, particularly in China and the United States, also play into the equation. Additionally, electric vehicles themselves have increased in popularity, leading to an increase in Tesla competitors.
Either way, Elon Musk is no longer the richest man in the world. After losing over $200 billion, his net worth has fallen from $341 billion to $137 billion. The richest man in the world is now Bernard Arnault, the CEO of LVMH.
Elon Musk probably isn’t very happy about being the first person in the world to lose $200 billion. However, he did achieve this global record before Jeff Bezos, and we all know he likes to beat Bezos to the punch.