How Became Elon Musk the first person in history to lose more than 260 billion money ?

Jan Sun 2023 04:56:45


How Became Elon Musk the first person in history to lose more than 260 billion money ?

Kathmandu. In 2021, Elon Musk became the first person to earn more than $300 billion in wealth. Less than a year after that, he became the person who lost the most property in history. He is the only person in history whose wealth has decreased by more than 200 billion dollars (about 260 billion rupees).

The wealth of 51-year-old Elon Musk is now limited to 146 billion dollars. Last Tuesday, his wealth decreased to 137 billion dollars. Elon Musk has the most shares in Tesla. Therefore, if there is even a slight decrease in the company's shares, Musk's wealth will continue to increase and decrease by billions of dollars.

According to the Bloomberg Billionaires Index, Tesla's stock dropped dramatically by 11 percent, and his wealth reached $137 billion. On November 4, 2021, Musk's wealth reached $340 billion. He was the top richest person in the world for a long time. At the beginning of December, Bernard Arnault, the founder of Louis Vuitton, succeeded him.

In October last year, the total value of Tesla exceeded one billion dollars. Musk's income and his company's share price skyrocketed when the world was gripped by the Covid epidemic.

The value of the company, which increased during the covid epidemic, is decreasing day by day as the epidemic is eradicated. Apple, Microsoft, Amazon, Saudi Aramco, and Alphabet, which have a trillion dollar company value, also included Tesla. Now the total value of Tesla is 388 billion dollars. That is, the value of the company reached 1 trillion 22 billion dollars in November 2021, which has decreased by 65 percent in 2022.

Now Tesla's dominance in electric cars, the basis of its high valuation, is eroding. It has been giving US consumers a discount of seven thousand five hundred dollars on two models of cars. Some reports mention that Tesla is reducing production at its Shanghai plant.

Similarly, after Musk took full ownership of Twitter for $44 billion, Tesla has been suffering huge losses. Twitter has lost its advertisers by firing employees from the Twitter company, opening accounts that have been banned by making unnecessary policies, and banning journalists' accounts.

This has affected both Musk and Tesla. Musk has already sold a lot of Tesla shares to buy Twitter. He has also sold shares of his other company SpaceX to buy Twitter. Now, he has only 42.2 percent of his shares left in SpaceX. Similarly, he has 14.1 percent shares of Tesla. As Twitter shares do not contribute to Musk's wealth, various statistics show that his wealth is decreasing day by day.