Elon Musk becomes first person to lose $200 billion: report
Barron’s senior writer Allen Root on what lies ahead for Tesla in 2023 after shares face a steep decline on “The Claman Countdown.”
Tesla CEO and Chief Twit Elon Musk has become the first person ever to lose $200 billion from his net worth, according to a Bloomberg report.
Musk, 51, previously became the second person ever to amass a fortune of more than $200 billion in January 2021, after Amazon founder Jeff Bezos. Musk has now seen his fortune drop to $137 billion after a recent drop in Tesla shares.
Musk saw his wealth peak in November 2021[ads1], reaching $340 billion, and held the title of the world’s richest person until last month. Musk was eventually dethroned by Bernard Arnault, CEO of French luxury giant LVMH.
Tesla shares have taken a hit this year, with shares down 65% as of December 30. Tesla also recently announced a price cut on several of its models, offering a $7,500 discount on its Model 3 and Model Y cars.
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ELON MUSK’S MOST INTERESTING TWEETS OF 2022
Many attribute Tesla’s dismal year to Musk’s overtaking of Twitter in late October, with many claiming he has become too distracted by the social media company.
Tesla CEO Elon Musk called for more drilling and fossil fuel resources Monday, Aug. 29, 2022, warning humanity could be “in trouble” if exploration is curtailed. (AP Photo/Jae C. Hong, File/AP Newsroom)
Musk completed the $44 billion acquisition after a protracted legal battle and has since worked to expose wrongdoing in Twitter’s operations that took place before his purchase.
A sign at the Twitter headquarters is seen in San Francisco, Thursday, Dec. 8, 2022. (AP Photo/Jeff Chiu, File/AP Newsroom)
“He needs to name a formal CEO of Twitter within the next month,” Dan Ives, CEO of Wedbush, said on Fox Business.
AFTER TESLA’S TERRIBLE YEAR, MUSK CAN MAKE 2023 BETTER
Musk has already said he will name a new CEO of the social media platform after posting a Twitter poll asking users if he should step down as head of the company. Musk promised to follow the results of the vote and later wrote: “I will step down as CEO as soon as I find someone stupid enough to take the job! After that I will just run the software and server team.”
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Musk had previously admitted to having too much on his plate and hinted at finding a new Twitter boss.
