A new report claims Tesla, Twitter and SpaceX CEO Elon Musk has lost an estimated $200 billion in about 13 months amid a sharp stock market correction.
According to a Bloomberg report, Musk’s net worth peaked at $340 billion in November 2021, but has now fallen to $137 billion, making him the only person in history to see $200 billion wiped from his net worth.
Musk is now the second richest person in the world after falling from the top spot he had held since September 2021. Frenchman Bernard Arnault, CEO of luxury giant LVMH, which owns high-end brands such as Bulgari, Christian Dior and TAG Heuer, is now the richest person in the world with a net worth of $162 billion.
Tesla was the source of most of Musk’s wealth, according to Bloomberg, but its falling stock price made SpaceX the billionaire’s biggest asset. Bloomberg estimates that Musk’s stake in SpaceX is currently worth $44.8 billion, while his stake in Tesla is valued at around $44 billion. Between November 2021 and December 2022, Tesla’s stock price fell by more than 70%.
In addition to Tesla’s stock decline, Musk also sold a significant portion of his stake in the electric car maker in 2022 to finance his $44 billion purchase of Twitter.
Musk’s acquisition of the microblogging platform in October 2022 coincided with a temporary rally in the Dogecoin (DOGE) meme token. Last month, the world’s second-richest person said it was a “no-brainer” for Twitter to add cryptocurrency payments as a feature.
Writer for the news site Essonneinfo. Hélène specializes in writing and journalism, she likes to share interesting information and news with readers. In addition to her journalistic activities, Hélène is passionate about art and culture, which she likes alleh to mouseeh, ofvsWherewlaugh of does notWherewellis expbonetions and assice cream to of concerts.