Musk became the first person in history to lose $200 billion in a year
American businessman Elon Musk, founder of electric car maker Tesla, has lost about 59% of his fortune in the past 13 months, becoming the first person in the world to lose $200 billion.
The 51-year-old Musk’s fortune has plummeted to $137 billion after Tesla’s shares have tumbled in recent weeks, including an 11% drop on Tuesday, according to the Bloomberg Billionaires Index.
His net worth peaked at $340 billion on November 4, 2021, and he remained the richest person in the world until Frenchman Bernard Arnault removed him from the top spot this month.
Tesla has lost nearly 70% of its value in 2022 due to production delays in China, feedback and investor concerns that its CEO has diverted attention from the company after taking on a new position as head of Twitter.
Tesla’s market value has declined by approximately $864 billion since hitting its historic peak on January 3, 2021, leaving it out of the top 10 companies by value.
Tesla is now slightly ahead of semiconductor maker Nvidia, which has a market capitalization of $374.07 billion.