Twitter CEO Elon Musk just broke another huge monetary record! And this one is not celebratory worthy.
Reports from Bloomberg Billionaire’s Index just came in that a month after being dethroned as the richest man in the world by Bernard Arnault, the French chairman and CEO of LVMH the 51-year-old just became the first person in the world to lose 200 billion dollars off his net worth!
No other person has ever suffered such a big loss since money became a currency not even Kanye West or the gurus at Wall Street.
That is beyond crazy!
However, Elon doesn't seem to be that bothered by the humongous loss that has everyone talking.
But I know you're more curious as to how someone who just spent 44 billion to purchase a social media company would lose that much money. Well his other baby, Tesla is to blame.
Tesla's shares plummeted by 65% in November of the past year (2022) followed by a 44% plummet in December.
Which is quite hard to believe seeing as how its luxurious electronic vehicles were among the most purchased cars in 2022.
Purchases notwithstanding it are clear that 2022 was the electric car maker's worst year to date since its glorious launch.
The decline multi-billion dollar bloodbath included an 11% plunge that happened on Tuesday alone after the Wall Street Journal reported that a surge in COVID cases during the pandemic era had forced the company to temporarily halt production in Shanghai.
Following this Elon, whose net worth peaked in 2021 making him only the second person to ever amass a fortune of more than $200 billion, after Amazon founder Jeff Bezos saw his wealth plunge to a mere $137 billion.
The current richest person,Bernard Arnault, is valued at $162 billion
However, while talking to his staff Elon reminded them that they'd done a good job and the market gets crazy sometimes, reassuring them of their rise back to the top.
Seems he is more fond of the Tesla family than Twitter.
“Don’t be too bothered by stock market craziness... As we demonstrate continued excellent performance, the market will recognize that.” Musk said.
According to Bloomberg’s wealth index, Musk was forced to sell much of his Tesla stock this year as a result of his $44 billion purchase of Twitter