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Elon Musk was the second person ever to amass a personal fortune of more than $200 billion in January 2021. Recently, he has become the first and only person in history to erase $200 billion from their net worth, reports NDTV quoting Bloomberg.
Musk, 51, has seen his wealth plummet to $137 billion after Tesla shares tumbled in recent weeks, including an 11 per cent drop on Tuesday, according to the Bloomberg Billionaires Index.
His fortune peaked at $340 billion on November 4, 2021, and he remained the world’s richest person until he was overtaken this month by Bernard Arnault, the French tycoon behind luxury-goods powerhouse LVMH.
The round-number milestone reflects just how high Musk soared during the run-up in asset prices during the easy-money pandemic era.
Tesla exceeded a $1 trillion market capitalisation for the first time in October 2021, joining the likes of ubiquitous technology companies Apple Inc, Microsoft Corp, Amazon.com Inc and Google parent Alphabet Inc.
Now Tesla’s dominance in electric cars, the foundation of its lofty valuation, is in jeopardy as competitors catch up. It’s offering US consumers a rare $7,500 discount to take delivery of its two models before year-end, while also reportedly reducing production at its Shanghai plant.
Meanwhile, with pressure on Tesla intensifying, Musk has been preoccupied with Twitter, which he acquired for $44 billion in late October.
