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Elon Musk: The first man to lose USD 200 billion

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Tesla's stock dropped by 65% in 2022, and Elon Musk sold some of his holdings to pay for his purchase of Twitter

In January 2021, months after Jeff Bezos, business tycoon Elon Musk became the second person to amass a personal fortune of over USD 200 billion. The Bloomberg Billionaires Index has revealed that the Tesla CEO is the first person in history to have lost USD 200 billion from his net worth.

Tesla’s stock dropped by 65% in 2022, and Elon Musk sold some of his holdings to pay for his purchase of Twitter. According to Bloomberg’s wealth index, Elon Musk’s Tesla shares are no longer his most valuable possession.

Elon Musk’s fortune dropped to USD 137 billion after falling to USD 340 billion at its peak in November 2021 due to a decline in the value of Tesla’s stock.

According to a recent filing, Elon Musk owns 42.2% of SpaceX. It has a USD 44.8 billion interest in its space technology firm, Space Exploration Technologies Corp.

Elon Musk still has options worth an estimated USD 27.8 billion, making his SpaceX shares worth more than his roughly USD 44 billion stakes in Tesla.

Elon Musk experienced a watershed year in 2021 when Tesla’s market worth surpassed the USD 1 trillion threshold. It entered the ranks of other tech behemoths like Apple Inc., Microsoft Corp., Inc., and Google parent Alphabet Inc.

In several tweets, Elon Musk has addressed worries about Tesla and the US Federal Reserve’s decision to hike interest rates so quickly.

Tesla is operating more effectively than ever! On December 16, Elon Musk tweeted. The Federal Reserve is not under our authority. The actual issue at hand is that.

Meanwhile, the Federal Reserve raised interest rates by .5% in December. Despite the possibility of future “pain” brought on by higher unemployment, according to Fed Chair Jerome Powell, the difficulties Americans are currently facing about inflation — as well as the possibility that rapid price growth could continue — justifies keeping interest rates higher for longer.

Jerome Powell stated, “I wish there were an easy way to bring back price stability. There is not.”

Major businesses have already begun laying off employees on a massive scale, and productivity has become sluggish. This won’t bode well for Elon’s companies and net worth.

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