Billionaire Elon Musk, previously the richest man on the planet, has damaged a brand new report.
The Tesla founder and Twitter proprietor has develop into the primary individual in historical past to lose $200 billion off his web value, in line with the Bloomberg Billionaire’s Index.
The multi-billion greenback massacre comes after Musk, 51, in 2021 grew to become solely the second individual to ever amass a fortune greater than $200 billion, after Amazon founder Jeff Bezos.
Musk, whose web value peaked in Nov. 2021 at $340 billion, has seen his wealth plunge to $137 million as Tesla shares have plummeted 65% prior to now yr.
It has been the electrical carmaker’s worst yr so far.
The decline included an 11% plunge on Tuesday alone after the Wall Road Journal reported {that a} surge in COVID instances had pressured Tesla to briefly halt manufacturing in Shanghai.
In a memo despatched to staffers Wednesday, the billionaire thanked employees for his or her “distinctive execution” all year long whereas downplaying the corporate’s dismal inventory efficiency.
“Don’t be too bothered by inventory market craziness,” Musk stated within the memo obtained by CNBC.
“As we display continued wonderful efficiency, the market will acknowledge that.”
Musk was stripped of his title as The World’s Richest Man earlier this month — with the baton being handed over to Bernard Arnault, the French chairman and CEO of LVMH.
Musk’s historic losses are indicative of how excessive Musk and Tesla soared in the course of the pandemic.
Regardless of proudly owning only a small piece of the electrical car market, Tesla was valued at over $1 trillion by Oct. 2021 — becoming a member of different tech giants like Apple, Amazon and Google’s mum or dad firm Alphabet, Bloomberg reported.
However as opponents have rapidly caught up and are difficult Tesla’s dominance within the electrical car market, Musk’s consideration has targeted on his latest enterprise because the proprietor and CEO of social media big Twitter.
In response to Bloomberg’s wealth index, Musk was pressured to promote a lot of his Tesla inventory this yr because of his mammoth $44 billion buy of Twitter.
Musk additionally presently owns a $44.8 billion stake in his Area Exploration Applied sciences Corp — about 42.2% of the corporate, in line with a latest submitting reviewed by the information outlet.
Since his headline-grabbing Twitter takeover, Musk has taken main measures to chop prices on the social media firm.
He has slashed about 75% of the 7,500 workers and is closing the corporate’s Seattle workplaces after reportedly refusing to pay hire.
