Elon musk was the first individual to ever experience a direct 200-billion-dollar loss from his net worth. Elon Musk is the founder and CEO of Tesla Inc. Tesla recently announced a collapse, as a result of which Elon Musk’s income dropped by $137 billion. According to the Bloomberg Billionaire Index, there was an 11% drop on Tuesday.
As we all know, Elon Musk was the richest person ever until he suffered a loss of over $200 billion, and now the richest person is the owner of LVMH, Bernard Arnault.
What caused the value of Tesla shares to plummet?
Tesla is the dominant company in the field of electric vehicles. In terms of features, every competitor is attempting to catch Tesla. Tesla is offering a $7500 discount if you order one of its two most popular models before the end of the year.
While Tesla was under pressure to meet people’s demands. Musk was preoccupied with Twitter, which he purchased for $ 44 billion in October. He was so preoccupied with his work that he began firing his employees and then asking them to return. He also began blocking the accounts of journalists who were covering him. As a result of all of this, Musk encountered numerous issues in all areas.
Tesla stock began to fall gradually. In 2022, shares dropped by 65%. Elon Musk took so much from the market and spent so much money to buy Twitter that he was unable to cover the decline in Tesla shares.
Tesla suffers a great deal as a result of his obsession with Twitter.
TWEET BY BLOOMBERG:
Elon Musk's wealth wipeout hit a new milestone this week. He became the first person ever to lose $200 billion https://t.co/Aav3x5ZQCq
— Bloomberg (@business) December 30, 2022
