AceShowbiz - Elon Musk has set a new record, but not for a good reason. The former richest man in the world has become the first man ever to lose $200 billion of his net worth, according to the Bloomberg Billionaire's Index.
The 51-year-old's quick downfall was not even related to his recently-acquired Twitter, which has been abandoned by some public figures due to Musk's controversial decisions. According to the business news outlet, he lost more than half of his total net worth from Tesla shares.
The co-founder and CEO of Tesla, whose net worth peaked in November 2021 at $340 billion, has seen his wealth plunging to $137 million as Tesla shares have plummeted 65% in the past year. It has been the electric carmaker's worst year to date.
The company's latest blow came on Tuesday, December 27 with an 11% plunge after a surge in COVID cases had forced Tesla to temporarily halt production in Shanghai. In a memo sent to staffers Wednesday, the billionaire thanked workers for their "exceptional execution" throughout the year while downplaying the company's dismal stock performance.
"Don't be too bothered by stock market craziness," Musk said in the memo obtained by CNBC. "As we demonstrate continued excellent performance, the market will recognize that."
While owning just a small piece of the electric vehicle market, Tesla was valued at over $1 trillion by October 2021, joining other tech giants like Apple, Amazon and Google’s parent company Alphabet. However, as competitors are challenging Tesla's dominance in the electric vehicle market, Musk's attention has shifted to social media giant. Bloomberg reported that Musk was forced to sell much of his Tesla stock this year as a result of his $44 million purchase of Twitter.
Musk previously became the second person ever to amass a fortune of more than $200 billion in January 2021, after Amazon founder Jeff Bezos. He held the title of the world's richest man in the world up until last month, and he was subsequently replaced by Bernard Arnault, the French chairman and CEO of LVMH.