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Elon Musk is first person in history to lose $200 billion

By Melanie Uson Published Jan 02, 2023 12:15 pm

Tesla chief executive Elon Musk is the first person in history to lose $200 billion from his net worth—from $340 billion in November 2021 to $137 billion in the past weeks.

According to a Bloomberg report, he was the second person to garner more than $200 billion in his personal fortune next to Amazon CEO Jeff Bezos in January 2021. With the significant drop in his net worth, he lost the world’s richest person title to Bernard Arnault—the French tycoon behind LVMH. 

The Bloomberg Billionaires Index stated that Tesla shares have been down recently, showing an 11% drop on Tuesday, Dec. 27. 

As its shares plummeted to 65% in 2022, Musk’s Tesla is no longer his biggest asset. "Musk’s stake in his closely held Space Exploration Technologies Corp., at $44.8 billion, exceeds his approximately $44 billion position in Tesla stock (he still has options worth an estimated $27.8 billion)," Bloomberg reported, adding that a recent filing showed that the businessman now owns 42.2% of SpaceX.

In a December tweet, Musk noted that Tesla "is executing better than ever" as he shut down concerns about his company.

Bloomberg said that as the pressure on Tesla continues to intensify, Musk has been "preoccupied with Twitter."

The businessman bought the social media platform for $44 billion in October. Since then, he has implemented significant changes and systems such as giving an ultimatum to employees, firing them, and then asking them to return, as well as putting up content policies to justify his move to kick some renowned journalists who write about him off Twitter.