Controversial Billionaire, Elon Musk, who at some point was the richest man in the world, has finally broken a new record.
Africa Today News, New York reports that the Tesla founder and Twitter owner has become the first person in history to lose $200 billion off his net worth, according to the Bloomberg Billionaire’s Index.
The multi-billion dollar bloodbath comes after Musk, 51, in 2021 became only the second person to ever amass a fortune more than $200 billion, after Amazon founder Jeff Bezos.
Musk, whose net worth peaked in Nov. 2021 at $340 billion, has seen his wealth plunge to $137 million as Tesla shares have plummeted 65% in the past year.
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Africa Today News, New York reports that so far, it has been the electric carmaker’s worst year to date.
The decline included an 11% plunge on Tuesday alone after the Wall Street Journal reported that a surge in COVID cases had forced Tesla to temporarily halt production in Shanghai.
Tesla Motors chairman and CEO, Elon Musk, speaks at the Model X launch event in Fremont, California.
Musk lost his title as the richest man in the world earlier this month.
In a memo sent to staffers Wednesday, the billionaire thanked workers for their ‘exceptional execution’ throughout the year while downplaying the company’s dismal stock performance.
“Don’t be too bothered by stock market craziness,’ Musk said in the memo obtained by CNBC.
‘As we demonstrate continued excellent performance, the market will recognise that.’
Musk was stripped of his title as The World’s Richest Man earlier this month — with the baton being handed over to Bernard Arnault, the French chairman and CEO of LVMH.