Elon Musk took the crown as the richest person on Earth with a net worth of $340 billion last year. However, with the latest update coming our way, Musk has become the first person in history to lose $200 billion from his net worth in a colossal turn of events that has rocked the stock markets.
Elon Musk Dethroned from World’s Richest Title
Musk reportedly became the first person in recent history to lose $200Bn off his net worth. The stats were updated by Bloomberg Billionaires’ Index. At present, Elon Musk carries a net worth of $137Bn which is a massive drop of said $200Bn.
To put things into perspective, Ukraine’s GDP as of 2021 was $200Bn which goes around to show just how much wealth we are talking about at the moment.
Musk took over Amazon’s head Jeff Bezos in 2021 and at present, Bernard Arnault, the French chairman and CEO of LVMH, took over the helm as the world’s richest man.
According to the New York Post, Tesla’s shares fell by 65% in the past year. Apart from that, the recent COVID situation in China has forced Tesla to halt its EV production in Shanghai which resulted in an 11% decline in shares just on Tuesday when the story broke out in the Wall Street Journal.
Musk sent out a memo thanking its employees for exceptional execution throughout the year 2022. He tagged the current stock performance as market craziness and has asked the staffers not to be bothered with it anyways.
Musk has had a triumphing performance in the Billionaire Index ever since surpassing Bezos. Tesla, an EV maker, had a small share in the market and yet, it managed to be valued at over $1 trillion by October 2021 thanks to Elon’s vision.
The billionaire recently took over the hot seat running a $44Bn social media network Twitter where he fired almost 75% of the employees ever since he joined the office. His moves on Twitter have been both boldly criticised and supported by people all across the globe.