According to the Bloomberg Billionaires Index, the 51-year-old entrepreneur has recorded an unprecedented $200 billion wealth loss since November 2021 and Elon Musk’s wealth was reportedly $340 billion 14 months ago.
He is now worth $137 billion, earning him the distinction of being the richest person in the world. That title now belongs to Bernard Arnault, chairman of the French lifestyle brand, which is worth $162 billion.
Forbes removed Musk from the top spot in its billionaire ranking in December. Elon Musk, who runs electric car company Tesla and aeronautics business SpaceX, bought social media platform Twitter for $44 billion in October after a long flirtation.
This coincides with an ongoing depreciation in Tesla stock price that some shareholders find not coincidental. Elon Musk took to Twitter in November to mock the social media platform for losing money. he tweeted. “Start with a big one.
Elon Musk is no longer the richest person in the world according to Forbes, he is now only worth $176B. The billionaire businessman has used the platform to push his politics, which has made him largely unpopular among progressives who support businesses promoting alternative energy like Tesla.
Tesla projects a 65% decline in share price in 2022, closing December with a 44% decline. Even Musk has sold billions of dollars in company stock as he continues his efforts to make Twitter profitable.
Amazon founder Jeff Bezos becomes the first person to own more than $200 billion in April 2021. Bloomberg puts his current net worth at $107 billion. Musk is the only other person to reach the $200 billion plateau. He welcomed the new year on Twitter on Sunday.