TechMag
Do you know Elon Musk is The First Person Ever To Lose $200 Billion? Elon Musk currently ranks second on the list of the world’s richest people with a net worth of $137 billion, according to the Bloomberg Billionaires Index, just behind Chairman of LVMH (LVMHF) Bernard Arnault. However, Musk’s net wealth peaked in November 2021 at $340 billion. Musk is now the first person to ever experience a $200 billion wealth loss.
Elon Musk suffered a significant loss, and there are numerous possible explanations for it. His initial purchase of the social media site for 54 billion dollars didn’t do much to increase his net worth, and his other businesses, such as Tesla, Starlink, Neuralink, and others, are likewise emptying Musk’s pockets rather than filling them.
Elon Musk Lose To $200 Billion
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It was made plain last month after the business launched an unusual deal in an effort to clear out inventory that consumers are quickly losing interest in purchasing new Teslas. With two weeks left in 2022, Tesla doubled the rebate to $7,500 from its initial $3,750 offer for customers taking possession of a vehicle before the end of the year.
As established manufacturers increased their competition in the electric vehicle market last year, demand for Teslas (TSLA) decreased. The business reduced manufacturing in China after falling short of its expansion goals. Monday’s announcement of its fourth-quarter deliveries fell short of expectations on Wall Street.
The refunds alarmed investors, who caused the stock to fall 37% in December. Tesla had a trillion-dollar valuation at the beginning of 2022, but critics have long questioned if it was ever worth that much money.
The value of Tesla at the end of the year was $386 billion, which was still significantly higher than that of its automaker competitors but significantly lower than that of the tech giants with which it was being compared a year earlier, including Apple (AAPL), Microsoft (MSFT), Google (GOOGL), and Amazon (AMZN).
As said before, neither Musk’s personal wealth nor Tesla’s shares have benefited from the $44 billion purchase of Twitter.
Investors at Tesla want Musk to focus more on his vastly larger and more valuable firm instead of his continual tweeting and increasingly unpredictable conduct, especially after he became CEO of Twitter. Musk has defended himself against detractors by claiming that since taking over Twitter, he hasn’t missed any significant Tesla meetings.
Musk might regain his position as the richest person in the world if Tesla’s stock rises once again. of his own fortune.
Not Jerome Powell, a Twitter user, used the platform to share his thoughts on Elon Musk’s exponential loss.
