According to the Bloomberg Billionaire Index, Elon Musk is the only person in history to have lost $200 billion from net worth. Musk, who attained the amount in January 2021, was the second person after Jeff Bezos of Amazon to have more than $200 billion in “personal fortune.”
Elon Musk’s wealth fell to $137 billion as a result of the recent decline in Tesla stock. This includes the dramatic 11% decline in Tesla stock on December 27.
Before the end of the year, Tesla is now providing customers in the US with a $7,500 discount on its two most popular models. Additionally, it is said to have decreased production at its Shanghai plant.
The peak of Musk’s wealth was $340 billion in November 2021. After that, he held the title of richest person in the world for a period of more than a year. The co-founder of the dominant luxury goods company LVMH and French businessman Bernard Arnault then passed him in December.
Musk bought the social media site in late October for $44 billion. Tesla is no longer Musk’s largest asset because he sold a sizeable portion of the electric vehicle manufacturer to help pay for his purchase of Twitter.
Elon Musk has criticized the Federal Reserve for raising interest rates at the fastest rate in decades on Twitter numerous times.
“Tesla is executing better than ever!” Musk wrote on Twitter on December 16. “We don’t control the Federal Reserve. That is the real problem here.”
Bloomberg cited a recent podcast appearance by billionaire entrepreneur Elon Musk, in which he was heard cautioning listeners against the risks of borrowing money during a volatile market period.
“I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep the powder dry,” Musk is cited to have said in the All-In podcast released this month. “You can get some pretty extreme things happening in a down market.”
