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Business

Elon Musk has lost a larger fortune than anyone in history





New York
CNN

Elon Musk’s fortune destruction has become historic.

The CEO of Tesla ( TSLA ), SpaceX and Twitter is worth $1[ads1]37 billion, according to the Bloomberg Billionaires Index, good enough for second on the list of the world’s richest behind LVMH ( LVMHF ) Chairman Bernard Arnault. But at its peak in November 2021, Musk’s net worth was $340 billion.

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

The bulk of Musk’s fortune is tied up in Tesla ( TSLA ), whose shares plunged 65% in 2022. Demand for Tesla ( TSLA ) weakened as competition in electric vehicles from established automakers increased last year. The company missed its growth targets and reduced production in China.

Evidence of car buyers’ waning interest in Teslas became apparent last month after the company announced a rare sale in an effort to clear out inventory. Tesla offered two discounts for buyers who took delivery of a vehicle before the end of the year, initially offering a $3,750 discount and then doubling the discount to $7,500 with two weeks left in 2022.

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

Critics have long questioned whether Tesla was ever worth the trillion-dollar valuation it held as of 2022. At its peak, Tesla was worth more than the 12 largest automakers on the planet combined, despite having a fraction of the sales . Tesla ended the year valued at $386 billion — still much larger than its automaker rivals, but far less than the tech titans — Apple ( AAPL ), Microsoft ( MSFT ) Google ( GOOGL ) and Amazon ( AMZN ) — to which it was compared. with. years ago.

Musk’s $44 billion purchase of Twitter hasn’t helped Tesla’s stock or Musk’s personal fortune either. Musk, Tesla’s largest shareholder, has sold $23 billion worth of Tesla stock since his interest in Twitter became public in April.

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

Tesla’s stock may return, and Musk may once again become the world’s richest person. But Musk’s reputation as a genius took a serious hit in 2022 — almost as much damage as his personal fortune.



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