Elon Musk has been at the center of news reports in the most recent months during and following his acquisition of social media platform, Twitter. Since the announcement, his controversial decisions on handling Twitter’s businesses have been one of the most discussed topics in the news cycle.
Recently, Bloomberg reported that the Tesla, SpaceX and current Twitter CEO, has officially become the first person in history to ever lose $200 billion USD of their net worth. The news comes nearly two years after Musk became the second ever person to amass a fortune of over $200 billion USD in January 2021, after Jeff Bezos. His fast decline in wealth comes following the drastic drop in Twitter’s value by 56%.
Musk’s fortune saw a peak at $340 billion USD in November 4, 2021, and held the title as the world’s richest person until LVMH CEO Bernard Arnault overtook Musk the following month. In 2021, Musk enjoyed the great successes brought on by Tesla’s dominance and growth. In October 2021, Tesla exceeded $1 trillion USD in market capitalization, joining major tech companies like Apple Inc., Microsoft Corp., Amazon.com Inc. and Google parent Alphabet Inc.
However, since the acquisition of Twitter, his attention has been divided, jeopardizing Tesla’s positioning in the electric vehicles market as competitors catch up. Now, American customers are offered a discounted rate, while production has reportedly reduced at its Shanghai plant. As consumers and stakeholders continue to place intensifying pressures on Tesla, his fate at Twitter seems to be bleak, especially since he has announced his resignation from the platform as soon as he finds a replacement.
In 2022, Tesla shares have fallen to 65%. Musk has also sold a majority of its shares to cover his purchase of Twitter. The billionaire has previously entered into extensive borrowing contracts to purchase Tesla and it appears that he is not currently seeing any return to his investment. Only time can determine how 2023 will unfold for Musk’s business decisions.
In case you missed it, Amazon previously announced that it has plans to launch a standalone sports app.
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