Billionaire Elon Musk, formerly the richest man on the earth, has broken a recent record.
The Tesla founder and Twitter owner has grow to be the primary person in history to lose $200 billion off his net price, in keeping with the Bloomberg Billionaire’s Index.
The multi-billion dollar bloodbath comes after Musk, 51, in 2021 became only the second person to ever amass a fortune greater than $200 billion, after Amazon founder Jeff Bezos.
Musk, whose net price peaked in Nov. 2021 at $340 billion, has seen his wealth plunge to $137 million as Tesla shares have plummeted 65% up to now yr.
It has been the electrical carmaker’s worst yr thus far.
The decline included an 11% plunge on Tuesday alone after the Wall Street Journal reported that a surge in COVID cases had forced Tesla to temporarily halt production in Shanghai.
Musk lost his title because the richest man on the earth earlier this month.AFP via Getty Images
In a memo sent to staffers Wednesday, the billionaire thanked staff for his or her “exceptional execution” all year long while downplaying the corporate’s dismal stock performance.
“Don’t be too bothered by stock market craziness,” Musk said within the memo obtained by CNBC.
“As we reveal continued excellent performance, the market will recognize that.”
Musk was stripped of his title as The World’s Richest Man earlier this month — with the baton being handed over to Bernard Arnault, the French chairman and CEO of LVMH.
Tesla stocks have plummeted greater than 65% this yr, the corporate’s worst thus far.Bloomberg via Getty Images
Musk’s historic losses are indicative of how high Musk and Tesla soared through the pandemic.
Despite owning only a small piece of the electrical vehicle market, Tesla was valued at over $1 trillion by Oct. 2021 — joining other tech giants like Apple, Amazon and Google’s parent company Alphabet, Bloomberg reported.
But as competitors have quickly caught up and are difficult Tesla’s dominance in the electrical vehicle market, Musk’s attention has focused on his newest enterprise because the owner and CEO of social media giant Twitter.
In response to Bloomberg’s wealth index, Musk was forced to sell much of his Tesla stock this yr consequently of his mammoth $44 billion purchase of Twitter.
Musk also currently owns a $44.8 billion stake in his Space Exploration Technologies Corp — about 42.2% of the corporate, in keeping with a recent filing reviewed by the news outlet.
Since his headline-grabbing Twitter takeover, Musk has taken major measures to chop costs on the social media company.
He has slashed about 75% of the 7,500 employees and is closing the corporate’s Seattle offices after reportedly refusing to pay rent.
