Elon Musk has really not been finding things easy these days… ok, that’s an exaggeration, it’s hard to imagine difficult days for one of the richest men in the world. To make things clear, I should say that things aren’t going according to his plans. Musk had its campaign to acquire Twitter, and now, there is a price to be paid.
Apart from the $45 billion that he had to pay to get at the helm of the social media website, he is also suffering other consequences. According to a new report, Elon Musk is the first person in history to lose $200 billion in net worth.
Elon Musk Loses Money As Tesla’s Value Shrinks
Elon Musk was the second person in history to surpass $200 billion in fortune. The first was Jeff Bezos, head of Amazon. Now, Musk enjoys a much more bitter achievement – he is the first one to lose $200 billion in net worth. The losses involve Tesla, which has been one of its most succesful shots.
The plunge in Tesla shares, including the most recent 11% drop, made Elon Musk’s fortune drop to $137 billion. This is a massive drop, when we have in mind that his fortune reached the $340 billion mark on November 4, 2021. He remained the world’s richest man until this month. Now, the world’s richest man is no longer Elon Musk, but Bernard Arnault. The French entrepreneur is behind brands like Louis Vuitton.
The decline in Tesla is significant and somewhat melancholic. The company crossed a milestone in 2021 when it joined the group of $1 trillion companies. The list has brands such as Apple, Microsoft, Amazon, and Alphabet. That was an impressive milestone for a brand that has just a small portion of the auto market. But in 2022, Tesla saw a 69% decline. Meanwhile, Elon Musk keeps his focus on Twitter.
Tesla is seeing its rivals catching up in the electric segment. Recently, we saw Renault offering competition to Tesla Semi. Similarly, other automakers have bold plains for the electric range. In order to keep customers, Tesla is offering a $7,500 discount to expedite deliveries of its two top-selling models.
The company is also reducing production at its Shanghai Factory. We are yet to see if Elon Musk will adopt a different posture to bring back Tesla to its former state or will keep fighting with Twitter’s users. In fact, there are even rumors pointing to his retirement as Tesla’s CEO.
