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Elon Musk is the first person in history to lose $200 billion

2022-12-31 19:04:41Biznes SHKRUAR NGA REDAKSIA VOX
Elon Musk is the first person in history to lose $200 billion
Elon Musk

Entrepreneur and billionaire Elon Musk is the first person in history to lose $200 billion. Bloomberg does pocket accounts for entrepreneurs.

The 51-year-old tycoon saw his fortune shrink to just $137 billion on Friday as Tesla shares continued their downward trajectory, plunging nearly 70% over the past 12 months.

As of November 2021, Elon Musk's bank account contained $340 billion. This means that in just 13 months he lost $203 billion in assets. An unimaginable amount of money, which deprived him of the title of the richest man in the world (it is already Bernard Arnault of LVMH).

Elon Musk, in January 2021, became only the second person in the world whose personal wealth exceeded 200 billion dollars (the first was Jeff Bezos). But, a few months later – and specifically in December 2022 – he became the first (and the only one to date) to lose at least 200 billion dollars.

In any case, the big hit is inextricably linked to Tesla's stock, which suffered a major shock in 2022, with its market capitalization shrinking by at least $600 billion.

It should be noted that the rest of the tech giants, such as Apple, Microsoft, Amazon and Alphabet, posted losses of a similar scale, which is attributed to tight monetary policy and fears of an upcoming recession.

Technology companies, after all, are seen as the most vulnerable to the prospect of a GDP contraction, as their current stock market value is largely based on future earnings prospects.

As for Tesla, in addition to the fear of declining revenues, it must also manage increasing competition as more and more companies break into the field of electric mobility, gaining significant market share.

While he has to "command" all these challenges, Musk made an incomprehensible move - for many, buying in October 100% of Twitter for 44 billion dollars. He even put himself in charge of the company, deciding to carry "two pumpkins in the same armpit".

The American billionaire, to finance the acquisition in question, went on a sales spree of Tesla shares, in which he now controls 13.4% (he also owns 42.2% of SpaceX), which undoubtedly shocked the markets and intensified the liquidations.


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