Elon Musk Makes Yet Another Record, Becomes First Person In History To Lose $200 Billion: Report

Musk was the second person ever to have a fortune of more than $200 billion after Jeff Bezos. He achieved that milestone in January 2021. His wealth peaked on November 4, 2021, at $340 billion

Last year, 51-year-old Musk saw his worth drop to $137 billion as a result of the decline in Tesla stock.

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Yet another title has been added with the name of Twitter's chief Elon Musk. Elon Musk has become the first person ever to have their net worth reduced by $200 billion, according to Bloomberg. Last year, 51-year-old Musk saw his worth drop to $137 billion as a result of the decline in Tesla stock, according to the Bloomberg Billionaires Index. Tesla stocks further slipped 11 per cent on Tuesday. 

Musk was the second person ever to have a fortune of more than $200 billion after Jeff Bezos. He achieved that milestone in January 2021. His wealth peaked on November 4, 2021, at $340 billion, and he held the title of world's richest man until Bernard Arnault, the French entrepreneur who founded LVMH, passed him this month.

Even though Tesla has a small market share in the overall auto market, the company's market capitalisation surpassed $1 trillion for the first time in October 2021, joining the ranks of well-known technology giants like Apple Inc., Microsoft Corp., Amazon.com Inc., and Google parent Alphabet Inc. This also shows just how far Musk’s fortune rose during the pandemic era when asset prices soared, the report said. 

Musk has been focused with Twitter, which he bought for $44 billion in late October, in the meanwhile as pressure on Tesla grew. Tesla's leadership in electric vehicles, which served as the basis for its high valuation, is now in jeopardy. With decreasing output at its Shanghai plant, Tesla is also giving US customers an unusual $7,500 discount to take delivery of its two highest-volume models before the end of the year, the report added. 

According to Bloomberg's wealth index, Tesla are no longer Musk's biggest asset. The company’s shares plunged 65 per cent in 2022. Musk's stake in SpaceX at $44.8 billion, exceeds his approximately $44 billion position in Tesla. Musk owns 42.2 per cent of SpaceX, according to a recent filing, the report said.

Musk has downplayed concerns about Tesla and has repeatedly criticised the Federal Reserve for raising interest rates.