Elon Musk, the CEO of Twitter, has reached a new landmark that is undoubtedly not going over well. Over the last 13 months, his net worth has dropped by more than $200 billion. This makes him the person who has lost the most money in modern history.
Bloomberg is the source of this information. In its index of billionaires, Bloomberg states that Elon Musk’s fortune has decreased by 208 billion dollars, which is comparable to the gross domestic product of Greece for a whole year.
Elon Musk’s net worth collapse is the biggest loss of wealth in modern history https://t.co/uMKG4sqJqc
— The Independent (@Independent) December 29, 2022
Additionally, that sum exceeds the net worth of Bernard Arnault, CEO of LVMH, who is the wealthiest man in the world in terms of total net worth.
Musk came out on top of Bloomberg’s index
With a net worth of 338 billion dollars, the current owner of Twitter holds the top spot in the Bloomberg Billionaires Index. That net worth is now 132 billion dollars.
The decline in Musk’s wealth over the past year has not been a result of the Twitter acquisition and its problems, but rather of the decline in Tesla’s stock price.
Musk reportedly advised Tesla employees, “Don’t worry too much about the chaos in the stock market.” The market will acknowledge it as long as we continue to perform well.
Following a poll on that social media platform asking if he should step down as its CEO, Musk declared a few days earlier that he would resign as CEO of Twitter as soon as he found somebody qualified for the post.
With the outcome of Tesla’s failure and the criticism that has followed Musk on Twitter for months, Musk is encouraged to find someone to take over the social network so he can focus on his other enterprises and attempt to make up some of what he has lost.
Elon Musk‘s immense wealth and borrowing power are now being tested, as shares in Tesla have sharply declined https://t.co/KSLmiHEIb5
— The Wall Street Journal (@WSJ) December 24, 2022