Elon Musk Becomes The First Person To Lose $200 Billion After Tesla Stocks Tumbled

Billionaire Elon Musk is no more the richest man in the world and experienced what is considered the world’s biggest loss with his business. The multi-billion businessman has lost a total of $200 billion in net worth as they watch Tesla’s stocks plummet.

Bloomberg Billionaire’s Index reported that after Tesla “exceeded a $1 trillion market capitalization for the first time in October 2021,” the shares have fallen by 65% in 2022 and plunging Musk’s net worth to $137 billion.

This also comes after Tesla illegally warned staff from discussing pay and/or working conditions while denying any accusations of labor violation.

Back on Tuesday, there was an 11% plunge in the stock market after Tesla had to temporarily stop their production in Shanghai due to surges in covid-cases. But Musk chalked it up to be nothing to worry about.

CNBC shared a memo Musk sent to his workers, “Don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that.”

The current richest man is the French chairman and CEO of LVMH, Bernard Arnault.

Tesla’s dominance in the market is challenged because competitors are catching up, offering similar electric vehicles at a vast price range. Musk has been selling a lot of his Tesla stock he now owns more in SpaceX, his outer space exploration endeavors, at $44 billion vs. $44.8 billion.

He’s also since diverged his attention to Twitter, and acquired the company for $44 billion before doing radical changes and firing employees left and right before hiring them back.

The new owner has been under fire for making changes to Twitter rules several times. He’s also been suspending and banning at least six tech journalists on Thursday, including reporters for The New York Times, The Washington Post, and CNN, CNET reported.