Once the world’s richest person, Tesla’s boss can now claim to have lost more money than anyone else in history.
Tesla CEO Elon Musk has once again made history, though he likely won’t be celebrating.
According to the US news outlet Bloomberg (via the Sydney Morning Herald), Mr Musk has become the first person ever to lose $US200 billion from their net worth, largely due to the dropping share price of Tesla.
Equating to $AU294 billion in lost wealth, the plummeting value of Tesla’s stock has been attributed to a lack of investor confidence in the company’s leadership – following Mr Musk’s recent purchase of social media platform Twitter – as well as lower vehicle production output from its plant in China.
Twice in one week, shares of the electric car company dropped by approximately 11 per cent during day trading – though prices have since recovered by almost 13 per cent, from $US109.10 to $US123.18 as this article was published.
The value of Tesla shares declined by approximately 65 per cent in 2022, with almost $US45 billion worth of the stock sold by Mr Musk to help fund his purchase of Twitter.
Despite the loss to his net wealth, Mr Musk remains the world’s second richest person with $US137 billion, according to the Bloomberg Billionaires Index, behind French businessman Bernard Arnault with $US162 billion.
The post Tesla CEO Elon Musk’s latest achievement: first person to lose $US200 billion appeared first on Drive.
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