Elon Musk, Twitter’s new CEO, has lost over $200 billion. According to Bloomberg, he is the first individual in history to suffer such a monumental loss. After Jeff Bezos, Musk was the second richest person in the world with a personal worth of more than $200 billion. In a fascinating turn of events, Musk surpassed all other billionaires in January of 2021. With Tesla’s stock price falling, Musk’s fortune took a nosedive.
Tesla stock dropped as a result of Musk’s preoccupation with Twitter after the acquisition. The Bloomberg Billionaires Index shows a sharp decline in Musk’s wealth to $137 billion. Along with that, Musk sold a lot of Tesla stock this year. He reportedly sold at least USD 23 billion worth of Tesla stock since April, with a large portion of the proceeds presumably going toward his purchase of Twitter.
According to Bloomberg, Musk currently holds a stake of $44.8 billion in his Space Exploration Technologies Corp., which is more than his $44 billion position in Tesla stock (he still has options worth an estimated $27.8 billion).
On November 4, 2021, Elon Musk passed Bill Gates as the richest man in the world as his worth surpassed $340 billion. He was defeated by French fashion and cosmetics tycoon Bernard Arnault at the beginning of this month.
Meanwhile, Musk’s acquisition of Twitter has not gone well, and several businesses have ceased promoting the social media site. According to Musk, the loss of advertisers caused “a significant decline in revenue” for Twitter. Musk made a suggestion last week that Twitter might change hands after a self-conducted survey on the site revealed that nearly 58% of respondents wanted him to leave the firm.
Musk, though, has repeatedly attacked the Federal Reserve for hiking lending rates and dismissing worries about Tesla. Tesla is operating more effectively than ever! The Federal Reserve is not under our authority. The main issue here is that, on December 16, he tweeted.
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