Elon Musk’s wealth destruction is historic.
According to the Bloomberg Billionaires Index, the CEO of Tesla, SpaceX and Twitter is now worth $137 billion. Second place on the list of the world’s richest behind LVMH Chairman Bernard Arnault.
At his peak just over a year ago, in Nov. 2021, Musk’s net worth was $340 billion.
This makes Musk the first person ever to lose $200 billion in wealth.
The bulk of Musk’s wealth is tied up in Tesla whose stock plunged 65% last year. Demand for Teslas has weakened as competition in electric vehicles from established automakers surged last year.
Evidence of car buyers’ sinking interest in Teslas became apparent last month after the company announced a rare sale in a bid to clear out inventory.
Tesla offered two rebates for buyers taking delivery of a vehicle before the end of the year, initially offering a $3,750 discount then doubling the rebate to $7,500 with two weeks left in 2022.
Investors were rattled by the rebates, sending the stock plunging 37% in December. Tesla’s stock may rebound, and Musk could once again become the world’s richest person.
But Musk’s reputation as a genius took some serious damage in 2022 — almost as much damage as his personal wealth.
Elon Musk Becomes First Person To See Net Worth Drop By $200 Billion https://t.co/toubwRwge4 pic.twitter.com/rgXLYCVuKp— BallerAlert (@balleralert) January 3, 2023