Elon Musk’s net worth peaked in November 2021 at $340 billion. In the past year, Tesla shares have dropped by 65%, which has caused his wealth to drop to $137 million. AP
Elon Musk, who used to be the richest person in the world, has now set a new mark. According to the Bloomberg Billionaire Index, Elon Musk, who started Tesla and owns Twitter, is the first person in history to lose $200 billion from his net worth.
After Jeff Bezos, the founder of Amazon, Musk, 51, became the second person in history to have a fortune worth more than $200 billion in 2021.
Musk’s net worth was at its highest in November 2021, when it was $340 billion. Since then, Tesla shares have dropped 65%, causing Musk’s wealth to drop to $137 million.
It has been the worst year ever for the company that makes electric cars.
The decline included an 11% drop on Tuesday after the Wall Street Journal reported that a rise in COVID cases had forced Tesla to temporarily stop making cars in Shanghai.
In a memo sent to employees on Wednesday, the billionaire thanked them for their “exceptional execution” over the past year while downplaying the company’s terrible stock performance.
“Don’t worry too much about the crazy stock market,” Musk wrote in a memo that CNBC got a hold of.
“The market will recognize that we are doing well as long as we keep doing well.”
This month, Musk was no longer The World’s Richest Man. Instead, that title went to Bernard Arnault, who is the French chairman and CEO of LVMH. Musk’s past losses show how far up Musk and Tesla went during the pandemic.
Even though Tesla only has a small share of the electric vehicle market, it was worth more than $1 trillion in October 2021, according to Bloomberg. This put it in the same league as Apple, Amazon, and Alphabet, the parent company of Google.
But as competitors quickly caught up and started to challenge Tesla’s dominance in the electric vehicle market, Musk turned his attention to his newest project as the owner and CEO of social media giant Twitter.
Bloomberg’s wealth index says that Musk had to sell a lot of his Tesla stock this year because he bought Twitter for $44 billion, which was a huge amount.
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Jessa Martin is the author of Nogmagazine, A professional in writing by day, and novelist by night, she received her bachelor of arts in film from Howard University and her master of arts in media studies from the New School. A Brooklyn native, she is a lover of naps, cookie dough, and beaches, currently residing in the borough she loves, most likely multitasking.