Elon Musk is no longer the richest man in the world. In fact, not only that, the decline in the amount of wealth from the captain of Tesla, SpaceX to Twitter is the highest in world history.
As quoted by us from the NZHerald, Monday (2/1/2023) the South African-born man lost around USD 200 billion of his wealth. That happened in the last 14 months according to data from the Bloomberg Billionaires Index.
Well, the decrease in wealth of that size is called the highest in the history of this world. This means that no one else has experienced more depreciation than Elon Musk before.
In November 2021, during the peak of stock prices amid the Corona pandemic, Elon Musk became the richest man in history. At that time, his wealth was estimated at USD 340 billion.
Currently, his wealth is only USD 137 billion, missing half of his heyday. He is no longer the richest man, beaten by the fashion tycoon from France, Bernard Arnault.
Elon Musk's wealth, like other billionaires, is closely related to their ownership of shares in the companies they control. Well, most of Elon Musk's wealth comes from his shares in Tesla.
The problem is, after soaring so high, Tesla's stock price fell drastically due to several factors. Last year, the electric car company's shares fell by 65%.
At its peak in October 2021, Tesla's market cap was over USD 1 trillion, placing it as a very elite company because so few could match that valuation. Now, Tesla's valuation is in the range of USD 385 billion, bringing Elon Musk's wealth with him.