Elon Musk, the CEO of Tesla and Twitter, is losing fat stacks, and that too quickly. Musk no longer holds the title of richest man alive as the torch now belongs to LVMH CEO Bernard Arnault. The billionaire once when riding high as his net worth, at its peak in November 2021, was valued at $340 billion. This is a dream most billionaires once wished to achieve in the same list. Bloomberg Billionaires Index now indicates that more than $200 billion is wiped off Elon Musk’s net worth.
As Elon Musk turned his attention toward Twitter, his baby project – Tesla – went plummeting. In an e-mail written to his employees, he explained that he still backs the company. He writes, “Btw, don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that.” This e-mail came right after Tesla’s stock price was at its all-time low. The highest shareholders were worried sick and demanded his resignation. They intended to bring a CEO who solely worked for Tesla.
Elon Musk Lost $200 Billion of Wealth!
The Index revealed another shocker which explained that Elon Musk lost $310.8 million (£173.7m) from his net worth every day this year. This happened after Tesla’s stock price fell by 70 percent this year. He wrote in the e-mail, “Long-term, I believe very much that Tesla will be the most valuable company on Earth!” Another big blow to his net worth was the $44 billion buyout for the blue bird – Twitter. Since then, he has bene extensively working turning the platform upside down.
Elon Musk revealed recently that the company was heading toward bankruptcy in May 2022 which was way before he bought it. His deal to buy Twitter went through in October 2022. It was said that Elon Musk took on $13 billion (£10.9b) in debt. In order to deal with Twitter’s rising bills and losses, Musk took extreme decisions. He fired nearly half of Twitter’s workforce within a week of closing that deal, which equaled around 3,700 jobs.