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Musk first ever to lose $200bn

Musk first ever to lose $200bn

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Elon Musk was the second individual ever to amass a private fortune of greater than $200 billion, breaching that threshold in January 2021, months after Amazon founder Jeff Bezos. The Tesla CEO has now achieved a primary of his personal: The one individual in historical past to erase $200 billion from peak web value.
Musk, 51, has seen his wealth plummet to $137 billion after Tesla shares tumbled in latest weeks, together with an 11% drop on Tuesday. His fortune peaked at $340 billion on November 4, 2021, and he remained the world’s richest individual till he was overtaken in December by Bernard Arnault, the French tycoon behind luxurious items powerhouse LVMH (see graphic).
Tesla’s dominance in electrical automobiles, the inspiration of its lofty valuation, is in jeopardy as opponents catch up. It was providing US customers a uncommon $7,500 low cost to take supply of its two highest-volume fashions earlier than year-end, whereas additionally reportedly lowering manufacturing at its Shanghai plant.
In the meantime, with strain on Tesla intensifying, Musk has been preoccupied with Twitter, which he acquired for $44 billion in late October. The decline in Tesla shares has been so steep – the shares fell 65% in 2022 – and Musk has bought a lot this yr to assist cowl his Twitter buy, that they are now not his greatest asset. Musk’s stake in his carefully held House Exploration Applied sciences, at $44.8 billion, exceeds his roughly $44 billion place in Tesla inventory (he nonetheless has choices value an estimated $27.8 billion). Musk now owns 42.2% of SpaceX, in keeping with a latest submitting.

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