Elon Musk is first person ever to lose $200 billion
Things are not starting to get better for tech billionaire Elon Musk as the businessman recently became the first person ever to lose $200 billion or P11,189,000,000,000 based on current exchange rates.
Bloomberg reports that the tumble in the share prices of electric car manufacturer Tesla - including a recent 11 percent drop - has seen Musk's fortunes drop to $137 billion. The 11 percent drop is just the latest drop for Tesla, as the past year has seen its share prices drop by 65 percent.
Tesla's plummeting prices are caused in part by Musk's purchase of Twitter for $44 billion, as he sold $4 billion worth of Tesla stock to fund the Twitter acquisition. Musk stepping down as Twitter CEO after conducting an online poll has not stopped share prices from dropping.
The reversal in Musk's fortunes is especially striking since he was only the second person ever to amass a personal fortune of more than $200 billion. He passed that mark two years ago in January, closely following Amazon's Jeff Bezos. At one point, Musk was even projected to become the world's first trillionaire.
The losses incurred from his acquisition of Twitter have also seen Musk lose the title of the world's richest person, with his position being taken by Bernard Arnault, the owner of the luxury empire LVMH or Louis Vuitton Moet Hennessy.
As of today, the Bloomberg Billionaires Index pegs Arnault's net worth at $164 billion, $36 billion more than Musk's current net worth of $128 billion. The gap is $23 billion more than it was on December 21, when Musk's net worth was at $148 billion. The Bloomberg Billionaires Index is a daily ranking of the world's richest people.
MEANWHILE, LET'S TAKE A LOOK BACK AT TWEETS THAT MADE A MARK AS WE BEGIN THE NEW YEAR.
