Thursday, March 7, 2024
Business News

Elon Musk made history as the first person ever to lose $200 billion in wealth

As reported by Bloomberg, tech mogul Elon Musk has made history as the first person ever to lose $200 billion in wealth. At his peak, Musk’s net worth was a staggering $340 billion, but it has since fallen to a current value of $137 billion.

The significant drop in wealth can be attributed to a number of factors. Firstly, Tesla shares fell by a whopping 65% in 2022, as the company faced increased competition from other electric vehicle manufacturers. In an effort to boost sales, Tesla was forced to offer rare discounts of up to $7,500 on some models to customers in the United States.

Furthermore, Musk sold a large number of Tesla shares in order to fund his $44 billion purchase of Twitter. While the social media platform has seen a surge in popularity and user growth in recent years, it remains to be seen whether it will provide a sufficient return on investment to offset the financial losses incurred through the sale of Tesla shares.

Despite the significant drop in wealth, Musk remains one of the richest people in the world and the CEO of several successful companies, including SpaceX and Neuralink. It remains to be seen whether he will be able to bounce back and regain his status as one of the wealthiest individuals on the planet.