Elon Musk becomes first person to lose $200 billion

Tesla CEO and Chief Twit Elon Musk has become the first person ever to lose $200 billion from his net worth, according to a Bloomberg report. 

In January 2021, Musk, 51, passed Jeff Bezos to become the second person in history to accumulate a wealth of more than $200 billion. Musk’s net worth has now decreased to $137 billion as a result of a recent decline in Tesla stock.

Musk’s wealth peaked in November 2021 at $340 billion, and he held the record for being the richest person in the world until last month. The CEO of French luxury conglomerate LVMH, Bernard Arnault, ultimately forced Musk to abdicate.

Tesla stock has suffered this year; as of December 30, equities were down 65%. Tesla has announced price reductions on a number of its models, including the Model 3 and Model Y, which will each receive a $7,500 savings.
Many attribute Tesla’s dismal year to Musk’s overtaking of Twitter in late October, with many arguing that he has become too distracted with the social media company. 

After a protracted legal struggle, Musk finally closed the $44 billion deal. Since then, he has attempted to bring to light irregularities in Twitter’s operations that existed before to his purchase.

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Dan Ives, managing director at Wedbush, stated on Fox Business that “he needs to formally name a CEO of Twitter in the next month.”
After asking Twitter users if he should stand down as the company’s CEO, Musk has already stated that he will pick a new CEO for the social media network. Musk stated that he would abide by the poll’s findings and later wrote: “As soon as I find someone naive enough to accept the position of CEO, I will step down from it! I will then only be in charge of the software and servers team.”

Musk had previously admitted to having too much on his plate and hinted at finding a new Twitter CEO. 

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