Tesla CEO and Chief Twitter Elon Musk has become the only person in history to lose $200 billion (RM880 billion) from his net worth, according to a Bloomberg report.
Previously, Elon Musk became the second person ever to amass a fortune of more than $200 billion in January 2021 – months after Jeff Bezos. However, he has now seen his wealth drop to $137 billion (RM602 billion) following a major drop in Tesla shares, according to the Bloomberg Billionaires Index.
His fortune peaked at $340 billion (RM1.49 trillion) in November 2021, and he remained the world’s richest person up until last month when he was toppled by Bernard Arnault – the CEO of French luxury giant LVMH.
It was reported Tesla shares have taken a hit this year with stocks down 65% as of December 30. Prior to this, Tesla exceeded a $1 trillion market capitalization for the first time in October 2021 – joining other global technology companies Apple Inc., Microsoft Corp., Amazon.com Inc. and Google parent Alphabet Inc.
Recently, Tesla announced a price slash in several of its models for up to $7,500 discount for its Model 3 and Model Y vehicles, while also reportedly reducing the production of the electric cars at its Shanghai plant.
Many linked the fall of Tesla to his decision to overtake Twitter in late October for $44 billion (RM193 billion). People argued that he has become too distracted with the giant social media company where he applied a brutal approach such as firing staff and then asking them to come back and applying content policies randomly to justify his action of banning the accounts of some prominent journalists who cover him.
Musk had previously admitted to having too much on his plate and has already said he will name a new CEO for Twitter following his posting on Twitter asking users whether he should step down as the head of the company.
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