Elon Musk is undoubtedly the most successful businessman of all time. His journey from being the richest man on Earth has seen him set many financial records, from Tesla to SpaceX and Twitter. Musk just broke another financial record.
Musk was 2022’s richest man and has since lost $200 billion in personal wealth.
Bloomberg reported that Musk’s net wealth hit a record as Tesla stock saw significant growth. Tesla shares reached all-time highs. Musk was the first person to achieve a net worth of $340 billion.
Musk is a volatile figure who has seen his wealth drop from $137 Billion to $137 Billion in the past weeks after Tesla shares plummeted, including an 11% plunge last Tuesday.
Get more information at Bloomberg
This milestone of [$ 340 billion] is a reflection of how Musk rose during a boom in asset prices in an easy-money era. Even though it represented only a small percentage of the global auto market, it joined Google parent Alphabet Inc. and Apple Inc.
Tesla’s dominance in electric cars is under threat as other companies catch up. Tesla is offering US customers a $7500 discount in order to obtain their most popular models by the end of the year. It plans to reduce its production at the Shanghai plant.
Tesla shares have been on the decline for so many years — they dropped 65% in 2022. Musk also sold shares to finance his purchase of Twitter ($44 billion). According to Bloomberg’s wealth index, they are not Musk’s largest asset.
Musk owns $44.8 billion of Space Exploration Technologies Corp. This is more than Musk’s $44 billion stake in Space Exploration Technologies Corp. (he still has options worth $ 27.8 billion span> According to a filing, Musk currently holds 42.2%.
Leftist keyboard warriors were clearly delighted by Musk’s loss in personal wealth.
Twitter was bought by Elon for $44B. To be the jerkiest Internet troll in the entire world. Were you certain that he didn’t study business at Trump University?
Clever. A tweet that targets Trump and Musk.
Elon paid $44B for Twitter. Consequently, he’s lost an additional $200B from his net worth. All to become the world’s most herky-jerky internet troll. Are we sure he didn’t study business at Trump University?https://t.co/31Y7BYNJet
— Bob Cesca (@bobcesca_go) January 1, 2023
It’s pretty clear that “Brooke hates the ground on which Elon walks.”
Good. We are happy for him.
Musk’s return on Twitter to free speech is no doubt a cranky leftist.
Good. Hope he continues to lose everything he has ever loved https://t.co/YTRlc8aqgQ
— Brooke Binkowski (@brooklynmarie) December 31, 2022
This man was not deluded.
200B+ growth in 2021. 2022: 200B less. Kanye West is next. Capitalism taxes your ability to spend your money.
Musk was treated well by Capitalism. “John,” wise up.
200B+ up in 2021. 200B down in 2022.
Knock off the nutty behavior Mr. Musk, or stand next to Kanye West. You can play w/your money, but capitalism taxes you playing w/ everyone else’s.
Elon Musk Becomes First Person Ever to Lose $200 Billion https://t.co/AgLe8godaw
— John Hope Bryant (@johnhopebryant) December 30, 2022
While the numbers might seem overwhelming to mortals, the story isn’t difficult.
During the pandemic, Musk’s net worth grew. As EV competition increases, Tesla shares plunged. Tesla stock investors have complained that Musk has lost sight of the bigger picture. Due to his spending on Twitter, and the money and time, he spent on it, Musk’s personal net worth has fallen to $200 billion.
These are just a few observations.
Equity investments (stock) are variable. First, equity investments (stock in this instance) are variable. This means they can fluctuate in value. Second, Musk has also benefited from Tesla being less top-heavy in management than large, established companies such as Ford and General Motors.
The second question is whether Musk lost focus on Tesla and spent too much time repackaging Twitter. This is particularly relevant to SpaceX shareholders.
Third: Even if you lose $ 200 billion but still make $ 137 billion, it is still enough to do what you want. Musk repeatedly stated he didn’t buy Twitter to make money but to restore freedom and attract attention from Google, Amazon, and Facebook.
And, $200 billion is Joe Biden’s America.
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