Elon Musk loses $200 billion in over a year: Here’s his new net worth – Times of India

Elon Musk became the richest man in the world last year and had been at the top till almost mid of December when he was overtaken by Bernard Arnault, the business tycoon behind luxury goods brand LVMH. Musk also became the second person after Amazon’s former CEO Jeff Bezos to amass a fortune of over $200 billion in January 2021.
However, while 2022 saw his networth touch new highs, it also saw it fall. Musk has reportedly become the first person to lose $200 billion in net worth in a period of 13 months. As per a report by Bloomberg, the Tesla and Twitter CEO’s fortune peaked at $340 billion on November 4, 2021 after he became the world’s richest person in January 2021 with a net worth of more than $185 billion.

Bloomberg says that his wealth has dropped to $137 billion following a recent drop in Tesla shares. It is to be noted that Tesla exceeded a $1 trillion market capitalisation for the first time in October 2021, joining the likes of Apple, Microsoft, Amazon and Google parent Alphabet.
Drop in Tesla shares
While Musk did not lose all his money due to plummeting Tesla shares, it is reported to be one of the reasons why his net worth fell. Tesla shares declined in recent weeks and experienced a massive 11% fall on December 27.

Did Twitter purchase affect Tesla’s value?
In October last week, Musk completed the acquisition of Twitter for a massive $44 billion. Since then, the business tycoon has been working to squeeze out money from the social media platform. He laid off employees, introduced paid verification and has repeatedly told advertisers that Twitter is not what they thought it would be under his leadership.
Musk sold his significant stake in Tesla to cover for Twitter and reports even suggest that his aerospace business SpaceX ordered one of the larger advertising packages available on the social media platform.