Elon Musk has lost a bigger fortune than anyone in history


New York
CNN

Elon Musk’s wealth destruction has become historic.

Tesla CEO

(TSLA)
SpaceX and Twitter are worth $137 billion, according to the Bloomberg Billionaires Indexgood enough for second place on the world’s richest list behind LVMH

(LVMH)
President Bernard Arnault. But at his peak in November 2021, Musk’s net worth was $340 billion.

This makes Musk the first person to lose $200 billion in wealth, Bloomberg reported last week.

Most of Musk’s wealth is tied to Tesla

(TSLA)
whose the stock fell 65% in 2022. Tesla request

(TSLA)
s weakened as competition in electric vehicles from established automakers surged last year. The company fell short of its growth targets and cut production in China. Its fourth quarter deliveries, announced Mondaymissed Wall Street estimates.

Evidence of waning car buyer interest in Teslas emerged last month after the company announced a rare sale in a bid to clear inventory. Tesla has offered two rebates for buyers taking delivery of a vehicle before the end of the year, initially offering a rebate of $3,750 and then doubling the rebate to $7,500 with two weeks remaining in 2022.

Investors were rattled by the discounts, sending the stock down 37% in December.

Critics have long wondered if Tesla was worth the trillion dollar valuation it had at the start of 2022. At its peak, Tesla was worth more than the 12 largest automakers on the planet combined, despite a fraction of their sales . Tesla ended the year with a valuation of $386 billion – still far more than rival automakers but far smaller than tech titans – Apple

(AAPL)
Microsoft,

(MSFT)
Google

(GOOGL)
and Amazon

(AMZN)
— with which it was compared a year ago.

Musk’s $44 billion purchase of Twitter also didn’t help Tesla’s stock or Musk’s personal wealth. Musk, Tesla’s largest shareholder, has sold $23 billion worth of Tesla stock since his Twitter interest became public in April.

His constant tweeting and increasingly erratic behavior, particularly after taking over as CEO of Twitter, has angered Tesla investors who want Musk to pay more attention to his much larger and more valuable company. . Musk defended himself against criticism, saying he hadn’t missed a major Tesla meeting since taking over Twitter.

Tesla’s stock could rebound and Musk could once again become the richest person in the world. But Musk’s reputation as a genius suffered serious damage in 2022 – almost as much damage as his personal wealth.

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