Musk’s main asset, Tesla shares, are no longer his largest holding.
Elon Musk has made history by becoming the first person to lose $200 billion from their net worth, reported Bloomberg.
Musk saw his wealth drop to $137 billion as a result of the recent decline in Tesla stock, which included an 11% drop last Tuesday, according to the Bloomberg Billionaires Index.
In January 2021, months after Jeff Bezos, the CEO of Tesla Inc. became the second person to ever amass a personal fortune of more than $200 billion.
His wealth peaked at $340 billion in 4 November 2021. He held the title of world’s richest man until he was surpassed by French tycoon Bernard Arnault earlier this month.
The figures show just how much Musk’s value increased during the easy-money pandemic era.
Even though Tesla’s electric vehicles made up a tiny portion of the overall auto market, the company’s market capitalisation surpassed $1 trillion for the first time in October 2021, joining the ranks of well-known technology giants like Apple, Microsoft, Amazon, and Google parent Alphabet.
However, as rivals catch up, Tesla’s leadership in electric vehicles, which served as the basis for its high valuation, is now in peril. In addition to apparently decreasing output at its Shanghai plant, Tesla was also giving US customers an unusual $7,500 discount to take delivery of its two highest-volume models before the end of 2022.
Musk has been distracted with Twitter, which he bought for $44 billion in late October.
In order to justify blocking the accounts of some well-known journalists who cover him, he has adopted a “move fast and break things” strategy that includes firing employees and then asking them to return. He has also imposed content restrictions that have been described as careless.
According to Bloomberg’s wealth index, Musk’s main asset, Tesla shares, are no longer his largest holding due to the company’s precipitous collapse, the shares plunged 65% in 2022, with a large number of shares sold to help pay for his purchase of Twitter.
Musk still has options worth an estimated $27.8 billion, so his holding in his closely held Space Exploration Technologies Corp. is worth $44.8 billion, which is more than his roughly $44 billion position in Tesla stock. According to a recent filing, Musk now owns 42.2% of SpaceX.
Musk has downplayed Tesla-related issues and frequently criticised the Federal Reserve on Twitter for hiking interest rates at the quickest rate in a generation.