According to data from the Bloomberg Billionaire Index, Elon Musk is the only person in human history to have seen a $200 billion decline in net worth. Musk, who reached the $200 billion mark in “personal fortune” in January 2021, was the second person after Jeff Bezos of Amazon to hold this title.
What exactly has led to decline in Musk’s wealth?
After Tesla shares dropped in recent weeks, Elon Musk’s net worth fell to $137 billion. A notable example of this is the dramatic 11% decline in Tesla stock on December 27.
Before the end of the year, Tesla is currently giving its two most popular models a $7,500 discount to American customers. At its Shanghai plant, it is also said to have cut back on production.
In November 2021, Musk’s wealth surpassed $340 billion. After that, he maintained his position as the richest man in the world for a period of time exceeding a year. The co-founder of LVMH and French business tycoon Bernard Arnault, who is currently in first place, passed him this month.
The Twitter effect
In late October, Musk paid $44 billion for the social media site. Musk sold his sizable stake in Tesla to help pay for his Twitter acquisition. His most valuable asset is no longer the electric car manufacturer.
Higher interest rates and Musk’s declining wealth
Elon Musk has repeatedly attacked the Federal Reserve on Twitter for swiftly raising interest rates.
Tesla is operating at a higher level than ever! On December 16, Musk posted something to Twitter. “The Federal Reserve does not respond to us. The main issue here is that.”
Elon Musk, a multibillionaire businessman, is recently heard cautioning against the risks of borrowing money during a period of erratic market conditions, according to a Bloomberg report. Musk is quoted as saying in the recently released All-In podcast, “I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep the powder dry.” “Somethings can happen in a