The CEO of tesla, Elon Musk has become the first person in the world to lose 200 billion dollar in wealth. For the last year, Musk’s wealth has been falling down continuously and the title of being the world’s number one rich person has also been snatched from him. According to the Bloomberg Billionaire Index, Musk’s wealth has come down to 137 billion dollar, which was at its highest level of 340 billion dollar on November 4, 2021. Since then Musk has lost 200 billion dollar. In December, Bernard Arnault, the owner of luxury goods maker LMVH, take the position of Elon Musk as the world’s richest person.
The reason for the downturn in Elon Musk’s wealth
The biggest reason for the decrease in Elon Musk‘s wealth is falling down the price of shares of his company Tesla. In the last year, the price of Tesla shares has decreased by 69.20%. At the same time, Tesla’s stock is gradually weakening because of stiff race from other companies in the electric vehicle segment, decreasing manufacturing at the Shanghai plant and giving discounts of up to 7500 dollarsElon Musk, who is falling down in the race of the rich, has now become the first person in the world to lose $200 billion. to customers for taking delivery of vehicles.
Tesla out of the one trillion dollar club
Tesla became the first electric vehicle company to obtain a market cap of one trillion dollars in October 2021 due to the boom in the US stock market.Recently this achievement was obtained only by companies like Apple, Microsoft, Amazon and Google etc.
Tesla shares sold for a Twitter deal
In 2022, Musk bought social media giant Twitter for $44 billion. Billions of dollars worth of shares were sold by Musk several times during the year to fund the deal, which put pressure on Tesla’s stock. At the same time, Musk has also taken loans from several American banks for this deal.