Elon Musk becomes first person ever to lose $200 billion

The decline in Tesla shares has been so sharp that shares are down 65% in 2022, and Musk sold lots this year to help cover his Twitter purchase for $200 billion in January 2021, Jeff Bezos was the second person to surpass Elon Musk with a personal fortune of over a dollar. The CEO of Tesla Inc has now achieved his first milestone of becoming the first person in history to take $200 billion from his net worth.

Musk has seen his wealth drop by $137 billion after Tesla shares plunged in recent weeks, including an 11 percent drop on Tuesday, according to the Bloomberg Billionaires Index. His fortune reached $340 billion on November 4, 2021, and he remained the world’s richest person until he was overtaken this month by Bernard Arnault, the French tycoon behind luxury-goods powerhouse LVMH.

The round-number milestone reflects how high Musk rose during a boom in asset prices during the era of the easy-money epidemic. Tesla is set to surpass the $1 trillion market capitalization for the first time in October 2021, joining the likes of ubiquitous technology companies Apple Inc, Microsoft Corp, Amazon.com Inc and Google parent Alphabet Inc, despite its electric vehicle overall lead are taking beat the sale. Represented only a sliver of auto. Market.

Now Tesla’s dominance of electric cars, the foundation of its lofty valuation, is under threat as competitors catch up. It is offering US consumers a rare $7,500 discount to take delivery of its two highest-volume models before the end of the year, while reportedly reducing production at its Shanghai plant.

Meanwhile as pressure mounts on Tesla, Musk has been busy with Twitter, which he acquired in late October for $44 billion. They used sharp and coercive tactics of firing staff and then randomly applying content policies asking them to come back and banning the accounts of some prominent journalists.

The decline in Tesla shares has been so sharp that shares are down 65 percent in 2022, according to Bloomberg’s Wealth Index, and Musk has sold so much this year to help cover his Twitter purchase that he now has Not the biggest asset. Musk’s stake in Space Exploration Technologies Corp is worth $44.8 billion, more than his nearly $44 billion position in Tesla stock, he still has options worth an estimated $27.8 billion. Musk now owns 42.2 percent of SpaceX, according to a recent filing.

Musk, as far as it matters for him, has excused worries about Tesla and has more than once taken to Twitter to condemn the Central bank for raising financing costs at the quickest pace in an age. Tesla is showing improvement over Musk tweeted on December 16. Control the Central bank. The real problem here is that the billionaire, who previously borrowed extensively against his stake in Tesla, has also recently warned against the dangers of borrowing money in troubled markets.

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