Wednesday, March 15, 2023

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Musk Made History: The First Person To Lose $ 100 Billion

The wealth of Elon Musk, the richest person in the world, saw a record decline in 2022. While Musk lost $100 billion, his net worth fell to $169.8 billion. Musk became the first person to lose $100 billion. Elon Musk, CEO of Tesla, SpaceX and Twitter, has seen his wealth dwindle by over $100 billion this year. This was the sharpest drop ever recorded in the Bloomberg Billionaires Index.

With a net worth of $169.8 billion, Musk remains the richest person in the world as of Monday. The unprecedented decline reflects the latest challenges Tesla faces amid rising raw material costs and supply chain disruptions, which make up the bulk of Musk’s fortune.

Problems Are Going Worst

Problems have been significantly worsened by the latest recall of more than 300,000 vehicles due to defective taillights and Tesla’s strict zero-case stance in China, its largest market outside the US. Shares of the electric car maker fell 6.8 percent to $167.87 at close on Monday, the lowest stock price since November 2020. Tesla shares have lost more than half since the start of the year.

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