Following the loss, Musk has now been overtaken by French business tycoon Bernard Arnault, as the world's richest person
Elon Musk, the new CEO of Twitter, has recently suffered losses of about $200 billion. According to Bloomberg, he is the first entrepreneur ever to have lost such a large amount.
Elon Musk’s wealth wipeout hit a new milestone this week. He became the first person ever to lose $200 billion https://t.co/Aav3x5ZQCq
— Bloomberg (@business) December 30, 2022
After Jeff Bezos, Musk was the second individual with a personal fortune of more than $200 billion. It’s interesting to note that by January 2021, Musk had overtaken all other billionaires. His declining fortune was a result of Tesla’s share price drop.
A report by Bloomberg suggested that Musk’s overall shares reached its all-time high in November 2021, at $340 billion. However, he has not made any progress since then.
Musk was at the top of the Bloomberg Billionaires Index with $338 billion net worth. However, he has now been overtaken by LVMH CEO Bernard Arnault.
Ever since Musk acquired control of Twitter, its future has been uncertain. In addition to getting rid of the company’s top leaders, he also fired half of its workers.
Edited by: Ashwani Mishra & Tanmoy Mitra