Elon Musk, the world’s richest man, has set a new record by becoming the first person in history to lose $200 billion.
Elon Musk, CEO of Tesla and Chief Twit, previously became the second person in history to amass a fortune of more than $200 billion in January 2021, following Amazon founder Jeff Bezos. However, Musk’s fortune has now fallen to $137 billion due to the recent slump in Tesla shares, according to Bloomberg.
Musk’s fortune peaked at $340 billion in November 2021, and he held the title of the world’s richest person until last month. But now, Bernard Arnault, the CEO of French luxury conglomerate LVMH, holds that title.
Tesla stock has plummeted this year, down 65 percent as of December 30. Tesla also announced a $7,500 price cut on several models, including the Model 3 and Model Y.
Most blame Musk’s takeover of Twitter in late October for Tesla’s poor performance, believing that he has grown too preoccupied with the social platform.
Musk completed the $44 billion acquisition following a complicated legal dispute, and he has subsequently attempted to expose faults in Twitter’s management that occurred before his purchase.
“He needs to name a formal CEO of Twitter next month,” said Dan Ives, Wedbush managing director.
Musk recently acknowledged that he has too much on his plate and made a statement that Twitter might look to hire a new CEO. “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I’ll just run the software and servers team.”