Billionair Elon Musk Becomes The First Man In History To Lose $200 Billion

Tesla CEO and Twitter Boss Elon Musk have become the first person ever to lose $200 billion from his net worth, according to a Bloomberg report.

Musk, 51, previously became the second person ever to amass a fortune of more than $200 billion in January 2021, after Amazon founder Jeff Bezos. Musk has now seen his wealth drop to $137 billion following a recent drop in Tesla shares.

Musk saw his fortune peak in November 2021, hitting $340 billion, and held the title of the world's richest person up until last month. Musk was ultimately toppled off the throne by Bernard Arnault, the CEO of French luxury giant LVMH.

Tesla shares have taken a hit this year, with stocks down 65% as of December 30. Tesla also recently announced a price slash in several of its models, offering a $7,500 discount for its Model 3 and Model Y vehicles.

Many attribute Tesla's dismal year to Musk's overtaking of Twitter in late October, with many arguing that he has become too distracted with the social media company.

Musk completed the $44 billion acquisition after a lengthy legal battle and has since worked to expose malpractices in Twitter's operations that took place before his purchase.

Reported By FoxBusiness