Tesla CEO Elon Musk’s wealth has plummeted in recent weeks due to the company’s slump in shares.
As the world’s wealthiest person, Elon Musk has undoubtedly made a name for himself in the business world. Recently, however, the tech mogul has made headlines for a very different reason: he has become the first person ever to lose $200 billion in personal wealth.
In this blog post, we’ll explore how the Tesla and SpaceX CEO managed to lose such an extraordinary amount of money, and what this could mean for his future.
A Closer Look at Elon Musk’s $200 Billion Loss
Previously the world’s richest man, Elon Musk has set a new record.
Following Amazon founder Jeff Bezos’ $200 billion fortune in 2021, Musk, 51, became only the second person to ever amass a fortune greater than $200 billion.
With Tesla shares plummeting 65% in the past year, Musk’s net worth has dropped to $137 million, down from $340 billion in Nov. 2021.
The year has been the worst for the electric carmaker.
As a result of an increase in COVID cases, Tesla temporarily halted Shanghai production on Tuesday, causing the decline to rise to 11%.
As he thanks workers for their “exceptional execution” over the past year, he downplays the company’s poor stock performance.
In a memo obtained by CNBC, Musk advised not to worry too much about stock market craziness.
“As we demonstrate continued excellent performance, the market will recognize that.”
Bernard Arnault, the French chairman and CEO of LVMH, took over Musk’s title earlier this month after Musk was stripped of his title as The World’s Richest Man.