Elon Musk Loses $200 Billion in Net Worth

Elon Musk has become the first person in history to lose $200 billion in net worth, according to the Bloomberg Billionaires Index. The Tesla CEO’s wealth has dropped to $137 billion after the company’s shares tumbled in recent weeks, including an 11% drop on Tuesday. Musk’s fortune peaked at $340 billion on November 4, 2021, and he remained the world’s richest person until he was recently overtaken by Bernard Arnault, the CEO of LVMH. The significant decline in Musk’s net worth reflects the high valuation of Tesla, which reached a market capitalization of $1 trillion for the first time in October 2021. However, Tesla’s dominance in the electric vehicle market is now facing increased competition as competitors catch up.

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