NewsRescue
Elon Musk, the owner of Tesla, has lost $200 billion in the last year, becoming the first person in history to do so, Bloomberg reported on Saturday, citing calculations from its Billionaires Index.
Musk reportedly had a net worth of $340 billion after Tesla’s market capitalization surpassed $1 trillion late last year. His fortune, however, is now worth $137 billion.
Analysts attribute the losses to Tesla stock’s poor performance this year, which has dropped by 65% this year, worsening in the weeks following Musk’s acquisition of Twitter.
Musk has been selling Tesla shares to help cover the cost of purchasing the social media platform, prompting investors to accuse him of prioritizing Twitter over Tesla.
However, the billionaire has repeatedly dismissed concerns about the automaker, claiming on Twitter earlier this month that it “is executing better than ever.”
Tesla’s stock, on the other hand, has already cost Musk his position as the world’s richest man. The title was given to French tycoon Bernard Arnault, owner of the luxury goods conglomerate LVMH, earlier this month.
