How Elon Musk Made History as First Person Ever to Lose $200 Billion in 12 Months
- Elon Musk has set a record as the first person in recorded history to lose a whopping $200 billion in one year
- At the beginning of 2022, the Tesla CEO had a net worth of $320 billion which he lost in one year
- He is presently worth $132 billion and has lost the title of the world’s richest person
Tesla Chief Executive Officer, Elon Musk became the first and only person to both make and lose $200 billion in recorded human history.
He is currently trailing behind French luxury merchant, Bernard Arnault with a personal fortune of $137 billion, according to Bloomberg Billionaire Index.
Distracted by Twitter?
Many believe that Musk, who recently acquired Twitter for $44 billion, is distracted by the microblogging site.
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His alleged preoccupation with Twitter has resulted in the loss of Tesla Shares.
Recently, the SpaceX CEO has sold more Tesla shares throughout the year.
According to reports, he has sold about $32 billion worth of Tesla stocks since 2022 which many believe he ploughed into Twitter.
Presently, his stake in SpaceX is estimated at $44.8 billion, exceeding his $44 billion position in Tesla shares.
$320 billion almost evaporates
Musk rose to the top of the billionaire index when his wealth reached $340 billion in 2021. He lost the top spot early in December to Arnault.
He has had a rough start at Twitter where he sacked more than half of Twitter’s 7,000 employees resulting in advertising pausing their advertising spending on the platform.
Twitter has witnessed a massive drop in revenue since Musk’s takeover. He introduced subscriptions for verified accounts which was widely criticised.
The billionaire has dismissed the current Tesla share tumble and criticised the US Federal Reserve for increasing interest rates, blaming Tesla share woes on the increase.
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Recall that Legit.ng reported that while Elon Musk is distracted by Twitter, his wealth has continued to plummet at record levels after losing the world’s richest man title.
Musk’s wealth began to decline in October the same month he took over the reins at Twitter.
His electric car company, Tesla shares have fallen and the billionaire lost about $8.8 billion on Tuesday, December 27, 2022.
Source: Legit.ng
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